VSNL to be listed on US bourses

BANGALORE, August 26 : VIDESH Sanchar Nigam Ltd (VSNL) will be listed

on the US bourses by the end of the year, the company's chairman and

managing director Amitabh Kumar said. The company is preparing for a

Level-3 listing, which would allow existing global depositary receipts to

be traded in the US markets without conversion. Mr Kumar said they were

yet to decide between the New York Stock Exchange and the Nasdaq, though

it was possible that both options would be exercised.

Mr Kumar added that, the domestic retail issue of one million shares

would open for five days between September 20 and 24. The issue would be

priced at Rs 750 per share, garnering Rs 75 crore for the Government,

which is divesting its shares. The Government's stake, currently at 54.02

per cent, would come down to approximately 52.9 per cent after the issue.