Infosys Technologies Ltd, India's No. 2 software services exporter, said on Friday its board will consider on Sunday a plan to sponsor' an issue of American Depositary Receipts against existing equity shares.
No other details were available in its notice to the Bombay Stock Exchange. When contacted, a company spokeswoman declined to elaborate and said details would be available on Sunday.
The Economic Times daily had reported last week that Infosys planned to allow investors convert a portion of their domestic shareholdings into ADRs under a recently approved route and said the issue could be as large as $100 million.
Infosys had said then that the report was speculative.
The Reserve Bank of India recently said companies can offer investors the option of converting their local shares into ADRs or global depositary receipts (GDRs)
It said such a facility would be available to all categories of investors in proportion to their existing holdings.
Merchant bankers say companies would use this route as a means to increase the liquidity of their overseas issues.
Infosys shares closed up 2.21 per cent at Rs 4,533.30 at the Bombay Stock Exchange on Friday, while its ADRs closed at $80.20 at the Nasdaq on Thursday, a 70.5 per cent premium to the underlying share.
Two ADRs are equivalent to one local share.
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