Systems America Seeks Nod For Listing
US-based software products and services company Systems America Inc (SA) has sought government permission to list on Indian stock exchanges. The company has been promoted by non-resident Indian (NRI) Adesh Tyagi. Currently, foreign companies are not allowed to list on Indian bourses but the government is taking a relook at the guidelines.
Tyagi said he would dilute 10 per cent in favour of minority shareholders. "We wish to make an Indian Depository Receipts issue. We expect a positive reaction from government on this," Tyagi said here yesterday. However if it is not permitted, the promoters will make an initial public offering of the Indian group company Systems America (India).
Systems America is involved in business-to-business e-commerce and enterprise application integration services in North America. Its international client engagements include pharmaceutical companies such as Perkin Elmer, Hoechst Celanese and Fresenius Medical Care, IT companies such as Adobe and Rockwell Collins, engineering companies like Moen, Storopak and Halliburton.
Tyagi also announced a reorganisation of the group's structure. This includes making Systems America India -also promoted by Tyagi- the flagship and holding company of the Systems America group. This company will hold equity in SA group companies in Canada, Australia, UK and Japan.