Rediff8217;s 75 mn ADR cleared

NEW DELHI, JAN 31: Internet portal, Rediff Communication8217;s 75 million American Depository Receipts issue is among the 46 foreign investment proposals worth Rs 405.73 crore cleared by the government. After the Rs 322.5 crore ADR issue, the foreign stake in Rediff Communication8217;s would go up to 49 per cent from the present 41.46 per cent, an official release said here on Monday.

Rediff is planning a listing on Nasdaq through the ADR issue, which would reduce the stake of promoter Ajith Balakrishnan in the company. Union commerce and industry minister Murasoli Maran also approved the FDI proposals of Proagro Seed, HCL Holdings, Alsthom and United Teleshopping and Marketing.