Govt okays Satyam ADS issue

NEW DELHI, JULY 5: The government approved 38 proposals of foreign direct investment aggregating around Rs 1,797 crore, including the Rs 1...

NEW DELHI, JULY 5: The government approved 38 proposals of foreign direct investment aggregating around Rs 1,797 crore, including the Rs 1700-crore American depository shares ADS issue of Satyam Computer Services Ltd.

Satyam Computer8217;s ADS issue would be one of the largest overseas issue by an Indian company. The issue will be used to fund the company8217;s further expansion.

The minister of commerce and industry Murasoli Maran also approved proposals of other sectors including drugs, computer software and data processing, power generation, telecom, internet services, cellular telephone services and the NBFC activities.

The government has allowed Max GB Ltd to increase the foreign equity from 50 per cent to 74.9 per cent by infusing Rs 25.31 crore, an official release said.

Gist Brocades of Netherlands would raise the stake in the joint venture Max India through a conversion of debentures into equity.

Hughes Ispat has got the government permission to include an additional subscriber of foreign equity, while Bharti Cellular is going in for expansion of activity. The proposals of Samsung India Electronics and Turner International India Ltd were also cleared for expansion of activities.

The foreign equity stake in Goodlass Nerolac Paints is increasing from 64.52 per cent to 66.51 per cent by infusion of Rs 0.305 crore.

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Software company Albion Solutions is bringing in Rs 16.62 crore as FDI, in which the foreign company is picking up a 93.7 per cent stake. News Television India Ltd is infusing Rs 11 crore. The government has also approved the company8217;s proposal to change its foreign collaborator.

The proposal of Salomon Brothers Holding Company of the US was approved for NBFC activities. The foreign equity in the company is Rs 2.15 crore amounting to 75 per cent.

The proposals of information technology and software companies including Communications Ventures, Libra Advisors LLC of US, Adnova Technologies Pvt Ltd, Idea 2 Net Infosys Pvt Ltd and ECOMM IT Labs Pvt Ltd were approved.