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NEW DELHI, Aug. 28
THE Finance Ministry is set to clear a proposal of Satyam Infoway to enhance the size of its proposed American depository receipts (ADRs) offering to $100 millions.
The proposal of another Chennai-based company, Pentafour Software, for issuing ADRs is also under Finance Ministry consideration. Pentafour is planning to raise $60 millions through the offering.
Satyam Infoway, promoted by the Hyderabad-based Satyam Computers, had earlier obtained the Foreign Investment Promotion Board (FIPB) approval for raising up to $50 millions through an issue of ADRs. The additional funds would be …