Patni Computer Systems contemplates ADR offering

Mumbai: Patni Computer Systems Limited announced that it is contemplating an offering of American Depositary Shares, which will represent the company''s newly issued equity shares.

The offering is expected to be registered with the US Securities and Exchange Commission. The proceeds of the offering will be used primarily for the construction and development of new infrastructure facilities in India as well as for other general corporate purposes.

The offering is expected to be conducted during the second or third quarter of this calendar year. The Patni Computer Systems will require shareholder approval for the offering.