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 option, bringing the total amount it could raise to $149.5 million. The price represents a discount of between 9.7% and 19.2% to Silverline's closing price of Rs612.6 $13.71 on the Mumbai Stock Exchange yesterday....

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