Silverline prices ADS at between $23 and $25

Silverline Technologies has priced its American depositary shares at a discount of between 9.7% and 19.2% to the company''s closing share price on the Mumbai Stock Exchange yesterday.

Silverline Technologies, an Indian Information technology services company, priced its American depositary shares ADS at between $23 and $25, according to underwriter Salomon Smith Barney. If investors buy at the top end of the range the company could raise as much as $130 million to expand its facilities and make acquisitions.
Mumbai-based Silverline plans to sell 10.4 million shares, equivalent to 5.2 million ADS. The company has also set aside 780,000 ADS for an overallotment...

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