Indian Adr/Gdr Issues Seen Rising

With the domestic primary market remaining in a state of turmoil in 2001, the attention seems to be back on the overseas capital markets.

According to Prithvi Haldea of Prime Database, overseas capital raising in 2002 is expected to far exceed the 2001 level. Of the 40 companies that had, in the past one year, announced plans to raise resources through an overseas listing, at least 20 are actively pursuing their plans.

As per Prime Database, the list includes Apollo Hospitals, Aurobindo Pharma, Ballarpur Industries, Birla-Tata-AT&T, BPL Communications, BSES, HCL Technologies, HDFC, Indian Hotels, L&T Information Technology, Maars Software International, Mascon Global, Nalco, Orient Information Technology, Shantha Biotech, Sterling Infotech, Sterlite Optical Technologies and Zee Telefilms.

It is also reported that software major TCS and the telecom major Bharti Tele-Ventures are also actively examining overseas offerings.