The Mumbai-based IT company Silverline Technologies will consider an international offering of equity or equity-linked securities, according to an intimation to the Bombay Stock Exchange (BSE). The board of directors of the company would meet tomorrow to consider the issue.
This would be Silverline Technologies' second international offering after it listed on the New York Stock Exchange in March 2000 with an issue of American Depository Receipts (ADS). The company had made its maiden international offering with an issue of 43,50,000 ADS, along with a greenshoe option of 6,50,000 ADS at a price of $25 per ADS.
Silverline was the first Indian software company to list on the NYSE after two financial institutions -- ICICI and ICICI Bank -- got listed on the exchange.
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Company officials said the details of the international offering were yet to be finalised and would be decided at the board meeting tomorrow.
Silverline Technologies recently announced a shift in its functioning in a bid to consolidate its offshore operations. The company has also decided to shift some managerial personnel to India in this process.
The company has embarked on this shift since it feels that driving the business model from India would enable it to position its services better as well as to manage its costs and profitability.
The Silverline Technologies stock today opened at Rs 40 on the BSE, touched a high of Rs 41.70, before closing at Rs 39.60 clocking a volume of 25.6 lakh shares.