The Hindu Business Line : Infy ADR issue opens

BANGALORE: Infosys Technologies Ltd's secondary sponsored offering of American Depository Receipts (ADRs) against Indian equity shares opened on Monday.

The scheme allows local shareholders to tender their shares, which will then be converted into ADRs at a price to be determined later.

The company plans to convert about 16 million shares or six per cent of its underlying local shares into equivalent ADRs.

Post-issue, the total float of Infosys shares on Nasdaq will increase to about 14 per cent of its equity capital. The offer closes on May 19.

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