Advertisment

Rediff plans domestic listing

author-image
CIOL Bureau
New Update

 Rediff on the Net aims to get its shares

listed on the Indian stock exchanges after its proposed Nasdaq listing

scheduled for six to nine months time from now.

Rediff founder and CEO Ajit Balakrishnan said, "We would like to

list our shares in India, but only after the initial public offer (IPO) on

Nasdaq, which is likely by the middle of next year. The Nasdaq listing is

aimed at repositioning Rediff globally." The company is hoping that

the Sebi regulations would be relaxed as currently making a three-year

dividend track record is mandatory for companies offering their shares to

the domestic investors public issue.

The IPO at Nasdaq will be through dilution of the promoters holding

from the current 62 per cent to 45 per cent. Mr Balakrishnan indicated

that the company was looking at acquiring some of the US companies and

that they were eyeing various sites that include shopping sites, health

sites and yoga sites in America.

tech-news