Financial Daily from THE HINDU group of publications
Thursday, Mar 20, 2003
Financial Daily from THE HINDU group of publications Thursday, Mar 20, 2003 |
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Overseas Borrowings Corporate - Overseas Borrowings Silverline seeks ADR ratio change Our Bureau
HYDERABAD, March 19 IN a significant development, the New York Stock Exchange listed Silverline Technologies Ltd, has filed with the United States Securities and Exchange Commission (SEC) to allow change of ratio of shares from two per American depository receipts (ADR) to 10 per ADR. Accordingly, with effect from March 19, following this amendment filed with the SEC, from two underlying equity shares per ADR to 10 underlying equity shares per ADR will come into effect. Consequent to this ratio change filed with the SEC, ADR holders will now receive one new ADR for every five ADRs surrendered. The company has informed the Mumbai Stock Exchange about the development.
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