BANGALORE: Infosys Technologies Ltd , said that it had priced a sponsored secondary offering of American depositary shares (ADS) at $49 each. Each ADS represents two domestic shares. The offering involves 5.22 million depositary shares, representing 2.61 million domestic equity shares.
The software services bellwether said in a statement the issue’s underwriters have a seven-day option to purchase up to 782,000 additional American depositary shares under the issue.
Infosys had invited Indian shareholders earlier this month to convert a part of their holdings to American depositary shares in a move to convert up to three million local shares into U.S.-listed equity. Shareholders of Infosys approved the conversion plan for the shares in February, in a move aimed at increasing the liquidity of its stock in the U.S. market.
IRIS adds:
The offering was lead-managed by Citigroup, Goldman Sachs (Asia) LLC and Merrill Lynch & Co and co-managed by Deutsche Bank Securities and UBS investment Bank.
© Reuters