Date:25/02/2006 URL: http://www.thehindubusinessline.com/2006/02/25/stories/2006022502240400.htm

Back Mascon board okays GDR issue

Our Bureau

New Delhi, Feb. 24

The board of directors of Mascon Global hasapproved the final offering circular for the proposed $27-million Global Depository Receipt (GDR) issue, thus paving the way for the opening of the issue in the new few days. The issue entails 14,835,165 GDRs priced at $1.82 each.

"The final offer document which goes towards opening of the issue was approved by the Luxembourg Stock Exchange on February 17. The board has taken note of it and the issue would open in the coming days," Mr Sandy Chandra, Chairman of the Board and Managing Director, Mascon, told Business Line.

The issue includes 8,241,758 GDRs on a stock swap basis towards acquisition of overseas companies. "As stated, the proceeds of the issue would go towards acquisition of two companies — in Singapore and the US — which operate in the areas of enterprise solutions and telecom solutions. The acquisition would augment our existing lines of business namely IT solutions, telecom and life sciences," he said.

The company has appointed RP&C International as Lead Mangers to the issue. On closing of the issue, the GDR Committee will meet to consider and allot the underlying equity shares.