Business Daily from THE HINDU group of publications
Thursday, Jan 24, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Jan 24, 2008 ePaper | Mobile/PDA Version |
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Info-Tech
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Software Markets - Stock Exchanges
Mr B. Ramalinga Raju T.E. Raja Simhan Amsterdam, Jan. 23 Satyam Computer Services Ltd became the first Indian company to list its American Depository Shares (ADS) on Euronext in Amsterdam. The shares opened at $22.19, after Mr B. Ramalinga Raju, Chairman, Satyam, hit the gong to symbolically open up the trading. With the Euronext listing, Satyam becomes the first Indian company to be listed on three major exchanges around the world. “We have become a truly globally-tradeable company. The listing will give us the much-needed visibility in Europe,” Mr Raju said. The listing will help investors in Europe to have access to Satyam’s shares. It would also help the company’s employees who have been given Satyam’s stocks to get returns from the exchange. There are around 225 investors in India and a large number of them are in the US with Satyam, he said. In addition to making investing in Satyam easier, it enables extended trading. Investors can purchase stock on Euronext and sell it on the NYSE the same day. Mr Raju hopes the listing will also help the company to increase its revenue from Europe to ‘much higher levels’ from the present 21 per cent. Satyam is also the first company to list its existing ADSs on Euronext using the exchange’s ‘Fast Path’ application, a means of expediting the cross-listing of non-European Union-based companies that are already listed on the NYSE. Mr Joost van der Does de Willebois, Chairman of Euronext Amsterdam, said, “It was a historic event for the exchange. Satyam was the first international company taking advantage of the fast path for listing procedure. We hope many others will follow.” Our Mumbai Bureau reports: Currently Europe contributes more than 20 per cent to the company’s overall revenues. “Europe is a dynamic and growing market for Satyam and our listing will demonstrate our continued and growing commitment to the region,” Mr Raju said here on Tuesday. More Stories on : Software | Stock Exchanges | Satyam Computer Services Ltd
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