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 only recently been allowed to convert the other way and only if an offering is open to all shareholders.

Under the lead management of Citigroup, Goldman Sachs and Merrill Lynch, Infosys sought to...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222