Infosys Technologies on Tuesday announced that it would go for sponsoring a secondary American depositary share offering, but declined to give a timeframe. The company will offer 30 million shares, which according to the last closing on Nasdaq, would be of $1.5 billion. This is expected to be the biggest overseas share float by an Indian company.
This is the third time Infosys is going for this route after its first issue during 2003, which was for $300 million followed by the $1 billion offer in 2005.
With this issue, the overseas float of Infosys will increase by 5 per cent, pushing the total float to 19 per cent from the current 14 per cent which is made up of 77.7 million shares. The board of Infosys has also decided that as part of this offering, ADS would be placed with Japanese investors through a public offer without listing.
This means that Indian shareholders of Infosys will be able to tender 30 million shares, which will in turn be available for floatation in the US and Japanese markets. The price will be determined by the underwriters of the issue.
Nandan Nilekani, CEO & MD, Infosys, said: "Our goal is to get into one of the major global indices and this is part of that effort."
The board has convened an Extraordinary General Meeting of the members in November to seek approval for the offering and expects the offering to be completed thereafter.
All equity shareholders will be eligible to offer their equity shares in the offering on a pari-passu basis. The company will not be issuing any new shares through the offering. The proceeds of the offering, after meeting issue expenses, will be proportionately paid to the selling shareholders.
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