Infy offers 30-m equity shares for ADS offering

BANGALORE: Infosys Technologies Ltd has informed the BSE that the Board of Directors of the company at its meeting held on October 11, 2006, has approved the sponsoring a Secondary American Depositary Share (ADS) Offering, against equity shares held by the company’s existing shareholders.

The Board decided that the Offering will consist of a maximum of 30 million equity shares. It also decided that as part of this offering, ADSes will be placed with Japanese investors through a Public Offer without Listing (POWL).

The Board has convened an Extraordinary General Meeting (EGM) of the members of the company on November 07, 2006 to seek approval for the Offering and expects the Offering to be completed thereafter.

All equity shareholders would be eligible to offer their equity shares in the offering on a pari-passu basis. The company will not be issuing any new shares in the offering. The underwriters to the offering will determine the price of the ADSs being sold in the offering. The proceeds of the offering, after meeting the expenses of the offering, will be proportionately paid to the selling shareholders in the offering.

The company’s announcement of the offering is pursuant to the notification of the Reserve Bank of India and the operating guidelines issued as per circular A P (DIR Series) Circular dated November 23, 2002.

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