Bharti not to go ahead with sponsored ADR
New Delhi, May 20, 2005 : Bharti Tele-Ventures Limited had in July 2004 announced its intention to proceed with a sponsored ADR secondary offering of up to 200 million equity shares. The board of director's of Bharti Tele-Ventures has decided not to proceed with the proposed sponsored ADR due to lack of sponsorship interest by most of its principal shareholders.
About Bharti : Bharti Tele-Ventures is one of India’s leading private sector provider of Tele-communications services with an aggregate of 12.26 million customers as of end of April ‘05, consisting of approximately 11.39 million mobile customers. The company is the only operator to provide mobile services in all the 23 circles in India. The company also provides telephone services and Internet access over DSL in 14 circles. The company complements its mobile, broadband & telephone services with national and international long distance services. The company also has a submarine cable landing station at Chennai, which connects the submarine cable connecting Chennai and Singapore. The company provides reliable end-to-end data and enterprise services to the corporate customers by leveraging its nationwide fiber optic backbone, last mile connectivity in fixed-line and mobile circles, VSATs, ISP and international bandwidth access through the gateways and landing station. For more information, visit www.bhartiteleventures.com
"The information contained herein does not constitute an offer of securities for sale in the United States. Securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933. Any public offering of securities to be made in the United States will only be made by means of a prospectus that will contain detailed information about the company and management, as well as financial statements."