Patni''s Board approves Primary ADR of up to $150 million

Mumbai: The board of directors of Patni Computer Systems Ltd, at its meeting held on 19th February, 2005, approved the proposal to issue American Depository Receipts (ADRs) up to an aggregate amount of $150 million, including the green shoe option

The ADR issue will be a primary one based on fresh issue of shares, and is subject to the requisite shareholders'' and regulatory approvals, as may be required. The pricing will be determined in consultation with the investment bankers.

The Company is in an advanced stage of appointing Goldman Sachs, Merrill Lynch and ABN AMRO Rothschild as the investment bankers to the ADR Offering.