The Hindu Business Line : Infosys to seek shareholders' nod for second ADS

INFOSYS Technologies will seek shareholders' approval for its second sponsored Amercian Depository Shares issue at an extraordinary general meeting scheduled on December 18.

The ADS would be issued against the existing equity shares to overseas investors, the company said in a notice to the Bombay Stock Exchange on Monday. Deutsche Bank Trust would be the overseas depository for the issue.

Each ADS would represent one fully paid-up equity share of Rs 5 each. The size of the sponsored ADS offering would not exceed 1.6 crore shares, including the over allotment options, if any, as decided by the company/underwriters, it said.

The pricing of ADS would be determined by the underwriters in accordance with the provisions of regulations concerning foreign exchange, it added.

Meanwhile Infosys said its Director and Chief Financial Officer, Mr T.V.Mohandas Pai, had sold 10,000 equity shares of the company on Monday. The share holding of Mr Pai after this sale was 3,64,696 shares of the company, Infosys informed the National Stock Exchange.

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