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Saturday, March 13, 1999

`10 more software firms to seek overseas listing' 

United News of India  
New Delhi, March 12: Buoyed by the overwhelming response to Infosys Technologies' Nasdaq listing, ten more Indian software companies are likely to be listed on overseas stock exchanges over the next two years, said Dewang Mehta, president of the National Association of Software and Services Companies. Welcoming Infosys' listing, Mehta said, ``It's just the beginning.''

Infosys had offered 1.8 million ADRs, equivalent to nine lakh equity shares, at $ 34. Within an hour of listing, the ADR price rose to almost $ 50 and then settled at $ 44. Mehta said, ``Till now, it was the US customer who was gaining competitive advantage by aligning with Indian software companies. But now, even US investors will have an opportunity to invest in software companies from India.'' Last year, 158 Fortune 500 companies outsourced their requirements to India and the annual revenues of the Indian software industry during 1998-99 is expected to cross $ 4 billion dollars.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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