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January 11, 2001 		Feedback  
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Mascon plans $150-mn ADR/GDR issue

Indian software firm Mascon Global Ltd is planning to raise up to $150 million through issue of American depository receipts (ADRs) or global depository receipts (GDRs), the Madras Stock Exchange said.

The firm's board of directors had also approved a preferential issue of equity capital not exceeding Rs 1.5 billion to foreign institutional investors, non-resident Indians and overseas corporate bodies, it said in a notice to members.

An extraordinary meeting of shareholders to approve the proposals has been set for February 5, the exchange added.

Shares of Mascon Global ended a little over 1 per cent up at Rs 347.45 at the Bombay Stock Exchange on Wednesday, while the Sensex ended 1.88 per cent lower at 4,047.64 points.

The stock is now over 65 per cent off its 12-month high of Rs 1,000.90 reached on May 15, 2000 but is a whopping 2,614 per cent over its 12-month low of Rs 12.80 on January 19, reached in inaugural trading after listing.

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