Wipro shares jump after sponsored ADR issue

Shares in Wipro Ltd, India's No 3 software exporter, rose more than 5% on Thursday after television channel ET NOW reported the company was likely to launch sponsored ADR issue worth $1 billion.                                        

A spokeswoman for New York-listed Wipro said the company would not comment on market speculation.                                           

At 01.37 pm (0807 GMT), shares in Wipro was trading up 4.7% at Rs749, after having risen as much as 5.1% after the news, in the main Mumbai market that was trading 0.5% higher.                                           

The television report said Goldman Sachs, Morgan Stanley, Citigroup and Credit Suisse may manage the Wipro ADR offering that might see the company's Indian shareholders tendering their shares.