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|March 12, 1999||
Infosys may use NASDAQ funds for acquisitionsInfosys Technologies Limited is mulling the idea of acquiring companies with the proceeds of its 1.8 million American depository receipts listed on the NASDAQ yesterday.
The money would primarily be used for expansion and infrastructure facilities. ''In future, if need arises, the money can also be used for acquisitions,'' N R Narayana Murthy, chairman and CEO of Infosys Technologies Limited, said in a statement today.
Within an hour of listing, the ADR price rose to almost $50 and then settled at $44.
On the first day itself, over two million transactions were traded.
Infosys was allowed by the government to raise $75 million through the ADR route. The company, which had planned to go to the US market in 1998, had put off the offering because of poor market conditions.
Nationsbanc Montgomery Securities LLC, Bancboston Robertson Stephens, BT Alex Brown and Thomas Weisel Partners LLC are the managing underwriters of the offering.
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