Infosys expands ADR universe

Infosys sets a new precedent for India on the completion of the largest international equity offering by a domestic IT company.

The Indian IT services company raised $256 million pre-greenshoe after New York's close Wednesday following the successful conversion of 2.605 million shares into 5.21 million ADRs. There is a ratio of two ADRs per share.

No new money was raised from the unique sale, which represents a first for India, where previously companies have been unable to convert common stock into ADRs. While there is full fungibility of ADRs into common stock, companies have...

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