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Patni to issue ADR/ADS
Special Correspondent.
BANGALORE:
Patni Computer Systems Ltd, the smallest of the three Indian IT firms that had won a technology outsourcing deal on Thursday from Dutch banking major ABN Amro, has filed a draft prospectus with the US Securities Exchange Commission (SEC) for its proposed combined primary American Depository Receipts (ADR) and sponsored secondary American Depository Shares (ADS) offering. Patni will hit the U.S. markets soon with a primary ADR offering of $150 million and a secondary sponsored ADS offering of up to 6.5 million equity shares.
"We want to complete the ADR/ADS offering as early as possible within 1-2 months,'' a company official said.
The equity dilution of the existing shareholders following the ADR/ADS offering is expected to be around 10 per cent, he added.
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