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Satyam Infoway files for ADS offering

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CIOL Bureau
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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.

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