Satyam''s Sponsored ADS issue approved at EGM

Mumbai: Satyam Computer Services Ltd. (NYSE:'SAY') has announced that the company has approved the proposal for a 'sponsored American depository shares (ADS) issue' against the existing equity shares of the company in the extraordinary general meeting (EGM) held on January 7, 2005.

Satyam had announced in December 2004, that the size of the sponsored ADS issue shall not exceed 30mn equity shares, (equivalent to 15mn ADSs) including a green shoe option, if any. Satyam's ADS at present constitutes 10.6 per cent of the issued capital which would increase to 20 per cent post this issue.