Infy to seek nod for ADS issue

Infosys Technologies will seek shareholders' nod for the sponsored Amercian Depository Shares issue at its extraordinary general meeting scheduled on December 18.

The ADS would be issued against the existing equity shares to overseas investors, the IT company informed the Bombay Stock Exchange on Monday.

Deutsche Bank Trust would be the overseas depository for the issue. Each ADS would represent one fully paid-up equity share of Rs 5 each, it said.

The size of the sponsored ADS offering would not exceed 1.6 crore shares, including the over allotment options, if any, as decided by the company/underwriters, it said.

The pricing of ADS would be determined by underwriters in accordance with the provisions of regulations concerning foreign exchange, it added.