NEW DELHI: The Indian cabinet on Wednesday approved information technology
firm, Wipro Ltd's plan to issue American Depositary Receipts or Global
Depositary Receipts to raise $500 million.
"The Cabinet Committee on Economic Affairs (CCEA) has approved Wipro
Ltd's proposal for issue of ADRs/GDRs amounting to $500 million (inclusive of
premium), which would include any greenshoe option, or equity shares not
exceeding two per cent of the total issued equity capital, whichever is
lower," a government statement said.
The company also proposes to issue employee stock options linked to the ADR/GDRs
up to a maximum of $150 million, it said.
Shares of Wipro, which also has minor interests in consumer goods and
vegetable oils, were trading at Rs 3352.50, down Rs 29.45 at 15:42 p.m. on the
Bombay stock exchange.
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