Business Daily from THE HINDU group of publications
Wednesday, Nov 22, 2006
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Business Daily from THE HINDU group of publications Wednesday, Nov 22, 2006 ePaper |
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Bangalore Nov. 21 Infosys Technologies Ltd inched a step closer to the famed Nasdaq 100 Index on Tuesday after it concluded the third sponsored secondary American Depository Share (ADS) offering that was subscribed by over three times. Infosys converted 30 million local shares into ADS at a price of $53.50 per ADS, through the offer that exceeded $1.6 billion in size. This offering helped Infosys to increase its overseas float to 19.5 per cent from 14 per cent. By virtue of this increased float in the US, Infosys is well poised to find a slot in the Nasdaq 100 Index by December end , when the Index gets rebalanced. The issue would increase US market cap of Infy to $5.91 billion, based on Monday's Nasdaq closing price. The issue pricing at $53.50 per ADS, excluding the underwriting discounts and commissions, was at a discount of 3.2 per cent to Monday's Nasdaq close of $55.27, and a premium of over six per cent to Tuesday's close of Rs 2,252 on the BSE. "The response was extremely good and the investors have understood the strategic intent behind the issue this time," said Mr V. Balakrishnan, Chief Financial Officer, Infosys. "The issue was oversubscribed by over three times," he said. Further, the local Infy shares converted into ADS would start trading on Nasdaq from Tuesday, Mr Balakrishnan said.
Related Stories: More Stories on : Software | Outlook | Stocks | Overseas Borrowings | Infosys Technologies Ltd
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