Infosys brings one of 2005's most successful equity deals

Indian IT giant completes second successful tender and ADR issue.

Infosys Technologies Ltd returned to the ADR market after New York's close on Wednesday May 25 with a second deal to expand its ADR pool. The transaction used the same format as the group's pioneering issue of August 2003, but was much larger in scale comprising a $938 million issue pre greenshoe compared to a $265 million deal last time round.

Indeed, the transaction represents the largest ever ADR from India, beating ICICI Bank's $405 million transaction in March this year. In a market where there have been few primary deals so far in 2005, the deal was also a blowout success with the international order book closing eight times subscribed,...

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