In a move that will significantly enhance the free float in Indian equities available to overseas investors, sponsored American depositary shares (ADS) offerings worth about $2 billion from Indian companies and banks are expected to be in the market in the first half of this year. Top information technology companies such as Infosys and Satyam Computers and privately owned banks HDFC Bank and ICICI Bank have announced plans for their sponsored ADS offerings.
On December 8 the board of directors of New York Stock Exchange-listed Satyam Computer Services approved a $360 million sponsored ADS offering for March 2005.
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