Mphasis shareholders approve overseas listing

Monday, 07 June 2004, 19:30 IST
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NEW DELHI: Mid-tier software company Mphasis BFL has got shareholders' approval for listing its shares on an American Stock Exchange. "We have got approval of shareholders for listing of shares on an American stock exchange as American Depository Receipts," Mphasis Chairman and Chief Executive Officer Jerry Rao told PTI. He said the shareholder approval came more than a fortnight back. "After the approval we have not taken any further step towards foreign listing," Rao said. The talk of Mphasis listing overseas had been going on for years but the Board of Directors of the company gave a final go ahead on February 27 this year. The company is likely to list its shares on The New York Stock Exchange. However, the size of the float is yet to be decided. Prior to listing in the US, Mphasis shareholders also gave their approval for increasing the authorised share capital to Rs 100 crore from the current Rs 40 crore. At the Extraordinary General Meeting on May 12, 2004 the shareholders also approved a 1:1 bonus. While preparing for overseas listing, Mphasis has acquired two companies.
Source: IANS
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