The shareholders of software major Infosys Technologies may take a while to part with their prized possession.
The sponsored American depositary shares programme has not received a thumping response as on Wednesday, the opening date of the offer, sources told Business Standard.
Sources attribute it to the time one may need to understand the "invitation of offer", which is elaborate in nature.
"Some shareholders may have experienced a delay in receiving the invitation offer. Though it is not a cause for worry, the shareholder sentiment will pick up during the coming days. As the offer closes on July 25, the actual response will be evident on the last three days," a source said.
Infosys has offered 5.21 million ADS under its sponsored secondary ADS issue, which translates to 2.6 million equity shares.
This constitutes for nearly 4 per cent of the company's issued and outstanding equity shares.
It would increase Infosys' float on the Nasdaq from 3 per cent to 7 per cent.
These selling shareholders include certain officers, directors and shareholders who beneficially own 5 per cent or more of its equity shares. The company will not receive any of the proceeds from this offering.
Post offer, the ADS outstanding would be about 9.55 million shares, while the outstanding equity share would be nearly 66 million.
The selling shareholders have granted the underwriters an option exercisable within seven days from the date of this prospectus to purchase up to an aggregate of an additional 782,000 ADSs, representing up to an additional 391,000 equity shares, from them at the initial price to the public, less the underwriting discount.
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