Date:22/02/2005 URL: http://www.thehindubusinessline.com/2005/02/22/stories/2005022201340500.htm

Back Patni board okays ADR issue

Our Bureau

PUNE: The board of directors of Patni Computer Systems Ltd has approved the proposal to issue American Depository Receipts (ADRs) up to an aggregate amount of $150 million including greenshoe option.

The ADR issue will be a primary one based on the fresh issue of shares and is subject to the requisite shareholders' and regulatory approvals as may be required, an official communication from the company said here on Monday.

It noted that the pricing would be determined in consultation with the investment bankers. The company is in advanced stages of appointing Goldman Sachs, Merrill Lynch and ABN Amro Rothschild as the investment bankers to the issue.