Infosys prices $1.6 billion sponsored ADR at 3.2% discount
Management hopes that an increase in the liquidity of its US-listed shares will lead to index inclusion.
Infosys Technologies has sold the full 30 million American Depositary Receipts it was targeting after existing shareholders offered to tender more than two-and-half-times that amount of common shares, according to a statement issued by the Indian IT services provider yesterday.
The total deal size amounted to $1.6 billion after the issue price was fixed at a 3.2% discount to the market price, a gap which people involved in the offering said was reasonable given that the share price had risen...
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