New Delhi: i-flex Solutions is set to launch a sponsored American depository ratio (ADR) programme. According to sources, the company plans to convert a substantial 20 per cent, or roughly 7 million of its equity shares, to ADRs once the lock-in period expires on 25 June 2003.
At its current market capitalisation of around Rs 2,900 crore, this translates into an issue size of roughly $100 million. i-flex, flush with funds from its recent initial public offering (IPO), is exploring the sponsored ADR route to increase its liquidity overseas.
The broad outline of the scheme is in place and the proposal is expected to be discussed at the company's annual general meeting (AGM) scheduled for end-July 2003.