Sterlings $500 M Adr/ Gdr Cleared

The $500 million ADR/ GDR proposal of Sterling Infotech was among the 34 foreign direct investment proposals cleared by the Union commerce and industry ministry today.

Sterling's proposal for floating 45.60 per cent of its equity in the overseas markets to raise up to Rs 2,350 crore aimed at funding its proposed eight-fibre pair fully protected undersea cable system has now been fowarded to the cabinet committee on economic affairs (CCEA) for consideration and approval, an official release said.

The proposal of Yamaha Motor India to bring in Rs 350 crore worth FDI through an issuance of 14 per cent of the redeemable preference shares was also shown the green flag.

The ministry also cleared a proposal of Mphasis Europe and Middle East to increase foreign equity in its Indian subsidiary from the existing 95 per cent to 100 per cent.

The other proposals approved included Caparo Group of London and Skoda Auto's proposal with no fresh inflow of funds involved.

Caterpillar Power Ventures International, Mauritius, also got nod for increasing foreign equity holding in its local venture from the existing 35.41 per cent to a maximum 56.9 per cent.