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VSNL plans ADS issue for internet arm - Views on News from Equitymaster
 
 
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  • Oct 21, 1999

    VSNL plans ADS issue for internet arm

    Close on the heels of the successful American Depository Shares (ADS) issue of Satyam Infoway, the second largest internet access service provider in India, Videsh Sanchar Nigam Limited (VSNL) is planning to offer 25% of VSNL Seamless Services Limited (VSSL), a subsidiary, in the ADR market.

    VSNL is the largest internet access provider in the country. It has recently transferred its internet related business to a new Subsidiary, VSSL. The new subsidiary is likely to become fully operational in about three months time.

    India currently has 0.5 m internet users. This figure is expected to jump to 4.5 m in 2002, reflecting the strong growth potential that exists in India. To tap this demand, however, companies would have to vigorously invest in infrastructure. Another means of pursuing growth could be via mergers and acquisitions.

    These measures to boost growth and compete effectively with virtually an army of contenders waiting to tap this boom would require access to large amount of funds. This obviously points to the American bourses, the Mecca for infotech stocks.

    However, in case of VSSL, it is essential that the money raised be deployed within the company, rather than be utilised to finance the government deficit.

     

     

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