Citibank Launches American Depositary Receipt Program For Rediff.com India Limited.Business Editors NEW YORK--(BUSINESS WIRE)--June 20, 2000 Citibank Depositary Receipt depositary receipt A negotiable certificate that represents a company's publicly traded debt or equity. Depositary receipts are created when a company's shares or bonds are delivered to a depositary's custodian bank, which instructs the depositary to issue Services announced today that it has established an American Depositary Receipt American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. (ADR ADR - Astra Digital Radio ) program for Rediff.com India Limited, one of the leading Internet portals focusing on India and the global Indian community. The ADR program is Rediff.com's initial public offering (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ). The American Depositary Shares (ADSs) will trade on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on under the symbol "REDF REDF Roberts Enterprise Development Fund (San Francisco Bay area, California) REDF Real Estate Development Fund " (CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. # 757479100). Every two ADRs issued represents one equity share. Ordinary shares are not listed on any other exchange. "Rediff.com's tremendous growth within the past year testifies to the quality of Rediff.com's online product and service delivery, and their foresight in reaching out to the right target audience," said Kurt Schneiber, Global Managing Director, Citibank Depositary Receipt Services. "This IPO will provide opportunities for further growth and forward-thinking product enhancements." "Citibank's support has been valuable as we gain access to U.S. investors through the NASDAQ," said Ajit Balakrishnan, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We are delighted to join leading-edge technology companies as we expand our business and enter the world's largest capital market." Rediff.com's Web site currently consists of several specific channels, extensive community features, local language editions, sophisticated search capabilities and online shopping. Rediff.com provides these services to its users free of charge. Its revenues are derived from online advertising and services as well as e-commerce. The company has an extensive Internet community offering, which includes e-mail, chat, instant messenger, and personal homepages. The MarketPlace shopping section is the flagship of its e-commerce offering, and provides users and merchants with a robust online shopping experience. For further information, visit www.rediff.com. Citibank Depositary Receipt Services leads the market in bringing quality issuers to market and promoting ADRs as an effective capital markets tool. Citibank began offering American Depositary Receipts in 1928 and today is the market leader, widely recognized for delivering high quality, highly liquid programs to our customers. Citibank Depositary Receipt Services is a part of Citibank Worldwide Securities Services (WWSS WWSS Worldwide Satellite Systems (US DoD contract vehicle) WWSS Warfare and Warfare Support System ), a business within Citigroup's Global Corporate and Investment Bank. WWSS serves global issuers, investors and intermediaries through the industry's largest proprietary network, spanning 51 countries and territories. It currently provides securities services to more than 2,500 customers worldwide and has $3.9 trillion in assets under custody. WWSS is the industry's premier custodian of cross-border assets, top ranked global clearer and recognized leader in quality depositary receipt services, and agency and trust services. Citigroup (NYSE NYSE See: New York Stock Exchange :C), the most global financial services company, provides some 100 million consumers, corporations, governments and institutions in 102 countries and territories with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. The 1998 merger of Citigroup and Travelers Group brought together such brand names as Citibank, Travelers, Salomon Smith Barney, Commercial Credit and Primerica under Citigroup's trademark red umbrella. Visit our Website at www.citibank.com/adr Information contained herein is a matter of record only. It should not be construed as advice or a recommendation by Citibank. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion