The size of the ADR has been pegged at $150 million. However, merchant bank sources feel that the amount may go up depend on the market conditions at the time of the public offering.

It is not known whether the group will list its shares on the Nasdaq bourse or on the New York Stock Exchange (NYSE). Souces said that the timing of the public offering will depend on the volatility of the market. BPL Telecom Business Group chairman Rajeev Chandrasekhar had announced that one of the BPL group of companies will raise funds from the overseas market shortly. Recently, Credit Suisse First Boston has also bagged the mandate to convert the GDRs of Videsh Sanchar Nigam Ltd into ADRs.

According to merchant bank sources, the group is yet to identify the group company. The emerging telecom giant has companies including BPL Mobile, BPL Cellular, BPL Innovision, BPL Broadband Services, among others.

BPL Mobile and BPL Cellular offer cellular services, BPL Innovision is the ISP and portal services arm. BPL Broadband Service is mainly setting up telecommunication related infrastructure in the country.

Sources said that though BPL Innovision is a relatively new company in the Indian market place, the ISP tag will help the group get good valuation in the overseas market.

The BPL group is expanding its operations in a big way in the country. It has plans to set up telecom software development centres in the US and UK. Other expansion plans include covering major cities with its ISP services - bplnet.com.

Meanwhile, BPL Innovision is planning a private placement to raise funds to part-fund its expansion plans. It will sell a 10 to 15 per cent equity stake to a mix of financial and strategic investors shortly. It will invest Rs 200 crore in two phases.

BPL Innovision is also expanding its manpower to 2,000 people over the next three years from the present 175. The company will focus on three business lines - Internet access, infotech and portals.