Infosys has informed the stock exchanges that its American Depository Receipts offering will open on May 9 and end on May 19. The firm is seeking to convert up to 16 million shares listed on Indian stock exchanges in Mumbai, into American Depository Receipts through a sponsored secondary issue.
When listed as American Depository Shares on the Nasdaq, these will increase the company's float on that exchange by around 6 per cent, taking the total to 14 per cent. Proceeds of the sale will go to holders of equity shares in India who turn in those shares for the US listing.
The company was providing all equity shareholders the opportunity to participate in the ADS offering on terms contained in a separate Invitation to Offer, Infosys said.
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