Satyam Infoway Limited Lists On The Nasdaq Stock Market - Second Indian-Registered Direct Listing On Nasdaq

Satyam Infoway Limited, the second largest national provider of Internet access and Internet services to consumers and businesses in India, began trading today on The Nasdaq Stock Market® under the symbol SIFY. It is the second Indian company to list on Nasdaq®. Satyam Infoway has raised gross proceeds of approximately US$75 million by issuing 4,175,000 American Depositary Shares (ADSs) at a price of US$18 per ADS. Merrill Lynch & Co., Hong Kong, is the lead manager for this offering. Welcoming the listing, Frank G. Zarb, Chairman and CEO of the National Association of Securities Dealers, Inc. (NASD®), which operates Nasdaq said, "The listing of Satyam Infoway on The Nasdaq Stock Market will provide investors an opportunity to invest in a company with a truly global outlook. Nasdaq is the home for many dynamic companies and we welcome this addition to our market. Satyam Infoway joins the 420 non-U.S.-based companies listed on Nasdaq, which is more than on any other U.S. market. " Satyam Infoway Limited caters to more than 80,000 consumer Internet access subscribers and over 300 corporate customers in India as of September 1999. Satyam currently operates India's largest private data network utilizing Internet protocol, an Internet industry standard for tracking Internet addresses, routing outgoing messages and recognizing incoming messages. It also operates an online portal: www.satyamonline.com. The Nasdaq Stock Market lists nearly 5,000 companies, has a larger dollar volume, and trades more shares per day than any other U.S. market. Nasdaq is a subsidiary of the NASD, Inc., the largest securities-industry, self-regulatory organization in the United States. For more information about Nasdaq, visit the Nasdaq Web site at www.nasdaq.co.uk or the Nasdaq NewsroomSM at www.nasdaqnews.com.