HindustanTimes.com

Tuesday, September 9, 2003

20 Indian firms may list at LSE soon

Press Trust of India
New Delhi, September 9

As many as 15-20 Indian companies are planning to issue Global Depository
Receipts and list at London Stock Exchange in the coming months.

"With downturn in world market last year, not many companies have gone for
raising capital. But with the number of enquiries we are receiving now, I
think things are improving," LSE country manager Deborah Medley Foye, who is
visiting India, told PTI on Tuesday.

About 50 Indian companies were eyeing the London market two years ago.
Foye, however, said many companies have decided not to go for LSE listing
while about 50 per cent of the companies had held back their plans following
slump in the financial markets worldwide.

Merchant banking sources said 15-20 Indian companies were currently in the
process of actually preparing for the UK-listing.

Sterlite Industries is one of the companies which are going to list their
GDRs at LSE in the coming months; Tata Consultancy Service is also
considering a similar option.

Some of the companies, which planned to list at New York Stock Exchange and
Nasdaq, are now considering tapping the UK market instead.

"The shift may be due to the high compliance costs and punitive norms in
US," a merchant banker said.

At present, there are 18 Indian companies like SSI Ltd, BSES, Crompton
Greaves, East Indian Hotels, Indian Hotels, GAIL, Raymonds and SBI that are
listed at LSE.

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