Friday, May 27, 2005
Friday, May 27, 2005 |
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Special Correspondent
BANGALORE: Infosys Technologies on Thursday fixed the price of its sponsored American Depository Shares (ADS) offering at $67 per ADS, with the sponsored offering of 16 million shares, including a greenshoe option of two million shares to underwriters, fetching a record $1 billion to the shareholders. All the 16 promoters and directors of Infosys, including its Chairman and chief mentor, N. R. Narayana Murthy, CEO and Managing Director, Nandan Nilekani, COO and Deputy Managing Director, S. Gopalakrishnan, Chief Financial Officer, T. V. Mohandas Pai, Vice President (Finance) and Company Secretary, V. Balakrishnan have cumulatively offloaded 4.516 million shares during the ADS offering. The underwriters have a seven-day option to purchase up to two million additional ADS, representing two million equity shares. The size of the offering, if the underwriters exercise their over-allotment option in full, would exceed $1 billion, making it the largest ever ADS offering from India, the company said in a statement here. As part of this ADS offering, 3.2 million ADS representing 3.2 million equity shares would be placed with Japanese investors through a public offer without listing (POWL). This is the first POWL issue by any Indian company, the statement said. Infosys would not receive any proceeds of this offering and the net proceeds after the issue expenses would be distributed to the selling shareholders within 30 days of the close of the offering. On May 19, the Indian invitation to offer concluded, with 14,693 offers for 52.38 crore equity shares being offered for sale in the sponsored secondary ADS offering. The maximum offer size of the Indian invitation to offer was 1.60 crore equity shares. The unsold shares would be returned to all the selling shareholders by June 15 next. The combined holdings of all the shareholders who offered their shares in the Indian invitation to offer was 18.43 crore equity shares, the release said.
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