Infosys Technologies, India's No. 2 software services exporter, is undecided on the timing of its proposed American Depositary Share issue, a company official told Reuters on Friday.

Infosys proposes to convert up to 30 crore (3 million) local shares into US-listed shares through the issue.

"We cannot do the ADR issue in June as we are in a quiet period before our earnings release," an Infosys spokeswoman told Reuters by e-mail on Friday in response to a query on the issue.

Bangalore-based Infosys, which became India's first firm to list on the technology-laced Nasdaq exchange in 1999, is due to release its first quarter results on July 10 amid tightening profit margins for the industry.

Shareholders of Infosys approved the conversion plan for the shares in February, in a move to increase the liquidity of its stock in the US market.

"The timing of the issue would be decided in consultation with our bankers," the company spokeswoman said.

Analysts now expect the issue to hit the market in late July or early August.

On Thursday, Infosys' ADR closed at $48.60 on the Nasdaq. Two ADRs are equivalent to one local share.

The local shares ended flat at Rs 3,058.40 on the Bombay Stock Exchange on Friday.

Earlier this week, Infosys's chairman N R Narayana Murthy was quoted by domestic papers as saying that the time was not yet ripe for the company to come out with the ADR issue.