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Monday, Dec 09, 2002

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Infosys to convert up to 3 million shares into ADS

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THE board of directors of Infosys today announced the sponsorship of an ADS offering against equity shares held by its existing shareholders in India, at a price to be determined by the lead manager.

The board also decided that the offering size would be between two million and three million equity shares (four million ADS to six million ADS), the company said a press statement. The proceeds of the secondary offering, after meeting the issue expenses, would be proportionally paid to the shareholders of Infosys, who have deposited their equity shares for the purpose of the offering.

The company will convene an extraordinary general meeting of its members to seek approval for the proposed offering. All shareholders as on the record date would be eligible to tender their shares in the offering on a pari passu basis. Infosys would not be offering any new shares, the company statement said.

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