Infosys @ Latest News: Infosys plans ADS issue to lift overseas liquidity

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Thursday, November 18, 2004

Infosys plans ADS issue to lift overseas liquidity

Bangalore-based Infosys, which is listed on the Nasdaq, said the issue would be a maximum of 16 million shares, including a greenshoe, if needed.

This is the second time that Infosys has enabled holders of its local shares to sell them overseas, after issuing 5.21 million ADS at $49 each in July 2003. The move will help to improve the liquidity of the company's shares on the Nasdaq.

At the end of September, foreign institutional investors together owned 40.58 percent of the company's equity and make up for the single-biggest investor group, followed by the founders, who own 22 percent.