Sun Infoways mulls US issue

MUMBAI: The directors of Indian information technology firm Sun Infoways Ltd.

have decided to issue fresh equity to strategic US investors, the Bombay Stock

Exchange (BSE) said on Wednesday.

It proposes to issue up to 10 per cent stake at Rs 325 per share on a

preferential allotment basis, the BSE said.

The proposal, decided at a board meeting on July 27, is subject to the

approval of shareholders, it said.

Its shares closed Rs 20.95 higher at Rs 546.10 on Wednesday at the BSE. It

has risen 102.5 per cent since hitting a low of Rs 269.70 on July 7.

Earlier on Wednesday, the company said it is buying a local infotech firm for

Rs 4.75 billion in an all stock deal.

(C) Reuters Limited 2000.