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Rediff gets cracking, likely to list ADR on Nasdaq in April
REUTERS
MUMBAI, MARCH 10: Rediff Communications Ltd, which runs Internet consumerportal Rediff.com, is expected to list its American Depositary Receipt issueon the Nasdaq exchange in early April, a source close to the issue said onFriday. "The firm has filed with the US' Securities and Exchange Commissionand is likely to list its ADRs in early April," the source said. Rediffofficials offered no comment.The Foreign Investment Promotion Board in January approved an investmentproposal by Rediff Communications to raise $74 million through ADRs orAmerican Depositary Shares. Chip maker Intel Corp, venture capital firmDraper International and investment firm Warburg Pincus together hold a 40per cent equity stake in Rediff. Rediff.com, which started off three years ago primarily as a news andinformation site, is now tapping the Internet to sell an array ofmerchandise including books, music and other items. Satyam Infoway is so farthe only Indian company to have listed its shares directly on the Nasdaqwithout an initial public offering (IPO) of shares in the domestic market.Leading software services firm Infosys Technologies Ltd last year became thefirst Indian company to list its shares on the Nasdaq. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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