VSNL divestment by September 20

NEW DELHI, AUG 25: State-owned telecom carrier Videsh Sanchar Nigam Ltd VSNL8217;s retail offering of equity in the domestic market divesting government stake would hit market between September 20 and 24, even as the company plans to list on an American bourse, a top company official has said.

The company has begun the process for retail offering of one million shares in the domestic market and the issue is expected to hit markets between September 20 and 24, acting chairman and managing director of the company, Amitabh Kumar, told reporters on the sidelines of a telecom conference here.

He also said VSNL would also list at one or more US bourses by December giving an option to its existing global depository receipt GDR holders to convert their receipts to American Depository Receipts ADRs.

On the domestic offer, he said the company would fix a target price of Rs 750 per share. VSNL would approach the registrar of companies by the end of the week, he added.