The Hindu Business Line : Satyam ADS priced at $21.5

SATYAM Computer Services Ltd has announced the pricing of its sponsored secondary offering of 1.30 crore American depositary shares (ADSs), representing 2.61 crore equity shares, at $21.50 per ADS.

The maximum size of the offering stands at three crore equity shares. The underwriters have an option to purchase up to 19.56 lakh additional ADSs, representing 39.13 lakh equity shares, within seven days of the pricing, the company said in a press release here on Wednesday.

The company said the net proceeds after expenses would be returned to all the selling shareholders within 30 days of the closing of the offering, and the company would not receive any proceeds from this. The company's `invitation to participate' concluded on May 3 with 5.15 crore equity shares being offered for sale in the sponsored ADS offering. The unallocated equity shares would be returned to all the selling shareholders by May 27, it said.

Satyam has appointed Merrill Lynch International as the global coordinator for the offering.

The joint book-runners are Merrill Lynch International, J P Morgan Securities Inc and Citigroup Global Markets Ltd. The joint lead managers are Bear, Stearns & Co Inc and Lehman Brothers Inc. The co-managers are Gilford Securities Inc and Janney Montgomery Scott LLC.

The Indian financial advisor for the offering is Enam Financial Consultants Pvt Ltd, the company release said.

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