Patni mulls ADR offering

By agencies   |   Wednesday, 27 April 2005, 07:00 Hrs
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MUMBAI: Patni Computer Systems Ltd has announced that it is planning an American Depositary Shares (ADS) issue, which is likely to hit the market by second or third quarter of the calendar year.

The company will use the proceeds from ADR for construction and development of new infrastructure facilities in India and for general corporate purposes, Patni Computer Systems said in a release here today.

Patni would register with the Securities and Exchange Commission (SEC) of U.S., after receiving shareholders' approval, it said.

The ADR offering is subject to a number of factors like stock market conditions and the company’s and underwriters' decision of an appropriate time. A decision on the number of shares to be tendered is also yet to be taken, it said.

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