Infosys launches ADR

After a couple of false starts, the Indian IT services giant gets its $300 million ADR on the road.

The domestic offering for an SEC registered ADR opens today Wednesday ahead of international roadshows on Monday. Terms for the deal remain the same as May when the company last broached the idea of converting local shares into ADR's, but pulled back from formal roadshows after the stock price plunged just over 30% on the announcement of disappointing four quarter earnings.

Under the terms of its SEC filing, Infosys is hoping to convert two to three million shares into four to six million ADR units, raising $335 million at the top end of the range based on Monday's $55.82 ADR close. Domestic investors have until July 25 to submit shares into the...

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