Aptech to list in US by mid-2001

MUMBAI: Indian computer education and software firm Aptech Ltd is likely to

list on the US stock exchanges by mid-2001, the Press Trust of India (PTI)

reported on Sunday.

The news agency said the London Stock Exchange-listed firm will either

convert its existing global depositary shares (GDS) into American Depositary

Receipts (ADR) or seek listing on the Nasdaq.

"The company would be ready for converting its GDS into ADR, or go for a

listing on the technology-heavy Nasdaq by mid-2001," PTI quoted Aptech

managing director Ganesh Natarajan as saying. Company officials could not be

reached for comment.

Aptech raised $75 million in July by offering 10,452,962 GDSs at $7.175 each.

The GDSs are traded on the London Stock Exchange with two GDS equivalent to one

local share.

Natarajan said the American listing would help the company to acquire firms

through stock swaps as compared to the cash deals that it was currently using

for takeovers.

In July, the company acquired an unlisted, California-based firm, Specsoft

Consulting Inc, for $10 million in cash.

The news agency said Aptech has short-listed three US firms–one in New York

and two in mid-west–for takeover.

"We have set aside about $15 million for the acquisition and expect the

takeover to be completed by the end of this year," PTI quoted Natarajan. It

did not name the firms.

Natarajan said the company will repay its debts out of the proceeds of the

GDS issue, and was likely to close the year debt-free. The company's share ended

Thursday 3.07 per cent lower at Rs 543.75 ($11.88), 65 per cent lower than its

life high of Rs 1,540 hit on February 14.

(C) Reuters Limited 2000.