Zenith Infotech mulls ADR/GDR issue

MUMBAI: Indian software services firm Zenith Infotech Ltd. has sought

shareholders' approval to raise up to $100 million through an overseas issue,

the National Stock Exchange (NSE) said on Tuesday.

It said the company hopes to get an enabling resolution passed at the annual

general meeting of shareholders on August 14 which would empower the directors

to issue American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs).

The issue would be made when market conditions improved, the NSE quoted the

company as saying.

Zenith shares closed Rs 2.55 higher at Rs 71.65 on Tuesday while the

benchmark Bombay index gained 2.76 per cent at 4,317.22.

(C) Reuters Limited 2000.