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Wipro’s $500 m. ADR/GDR gets cabinet nod

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CIOL Bureau
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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.

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"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.

(C) Reuters Limited 2000.

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