infosys-prices-16-billion-sponsored-adr-at-32-discount

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 8.7% in the two weeks leading up to the pricing. The ADR premium over the locally-listed shares has also contracted significantly over the past 18 months as the supply of US-listed shares has increased....
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