BANGALORE: The shareholders of Infosys Technologies Ltd.
approved the 2-for-1 split of its equity shares (ES), i.e., a sub-division of
every equity share from the current par value of Rs 10 into 2 equity shares of
par value Rs 5 each, at the Extraordinary General Meeting (EGM). The Board of
Directors (BoD) of Infosys has fixed February 11, 2000 as the record date for
the stock split.
The shareholders also approved the 2-for-1 split of the
American Depositary Shares (ADS), listed on the Nasdaq National Market. The
ratio of two ADSs to one underlying ES remains unchanged. The shareholders in
India will receive 2 ES of par value Rs 5 each for every ES of par value Rs10
each held on the record date, February 11, 2000. The ADS holders will receive
one additional ADS for every ADS held on the Record Date. As of September 30,
1999, Infosys had 3,30,69,400 equity shares of par value Rs 10 each outstanding.
Upon completion of the stock split, the outstanding ES will increase to
6,61,38,800 ES of par value Rs 5 each. As of September 30, 1999, Infosys had
20,70,000 ADS outstanding. Upon completion of the stock split, the number will
increase to 41,40,000. The paid up share capital will remain unchanged at Rs
33,06,95,500.