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.