Rediff to raise $75 million through US listing

Indian web portal Rediff.com needs lots of money to keep traffic coming to its site. Now it plans to list its ADRs in the US in the hope of raising $75 million.

Rediff.com, one of India's leading web portals, hopes to raise $75 million in an initial offering of American Depositary Receipts on the US Nasdaq to expand its content and finance advertising, acquisitions and investments, according to a filing with the US Securities and Exchange Commission.

The Mumbai-based company did not disclose how many ADRs it plans to offer, nor the price. It said each ADR will be equivalent to one Rediff share. Rediff was formed in 1996 and provides information, e-mail, chat-rooms, job search sites and educational tools. The company also sells books, movie tickets, music and other products online.

Even though it is one of the most popular portals in India,...

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