Satyam Infoway Ltd. has filed a registration
statement with the United States Securities and Exchange Commission for a
proposed offering of American Depository Shares (ADSs) representing equity
shares of the company.
The registration statement relates to a proposed offering of
$50,000,000 in ADS, all of which will be newly-issued shares offered for
the account of Satyam Infoway. However, the number of shares to be offered
has not yet been determined. The proceeds received from the proposed
offering will be used to fund network infrastructure expansion and develop
content for the company's Internet portal business, advertise and promote
the Stayam brand.
The company said that the registration statement relating to these
securities has been filed with the Securities and Exchange Commission
(SEC) but it has not yet become effective. It further states that these
securities may not be sold, nor offers to buy be accepted prior to the
time the registration statement becomes effective. The company is applying
for a listing on Nasdaq and the offering will be lead-managed by Merrill
Lynch & Co.