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Wipro NYSE listing on October 19

Wipro, one of India's largest information technology firms in terms of revenues, will list its American Depositary Shares (ADS) on the New York Stock Exchange on October 19, according to a notice on the exchange's website.

The shares will be traded under the symbol WIT.N.

Wipro chairman Azim Premji will ring the opening and closing bell of the NYSE on Thursday, the website said.

Morgan Stanley Dean Witter, Credit Suisse First Boston and Bank of America Securities are the managing underwriters for Wipro's offering.

Wipro will be the fifth Indian company to list on the NYSE. Three other Indian firms are also listed on the Nasdaq.

The diversified technology firm last week cut its projected price for the 2.75 million ADS to $52.48 per share from $63.86.

It now expects to raise about $136.3 million, down 18 per cent from the previous expected amount of $166.2 million, the firm said in its amended prospectus filed with the US Securities & Exchange Commission on October 11.

Wipro's shares ended nine percent down at Rs 1,916.10 at the Bombay exchange on Wednesday as local technology shares were hit due to negative global market sentiment towards the sector.

Wipro has said the issue proceeds will be used to acquire overseas companies, for which it has permission from India's central bank.

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