Infosys ADS gets huge response
Against an offer of upto 30 million shares, the third sponsored ADS from Infosys saw a total of 84.03 million shares being tendered against 3,477 valid applications.
By Arun Iyer & P Thimmaya , TNN |
BANGALORE: The recently concluded sponsored ADS programme of the country’s second largest IT exporter-Infosys Technologies had huge response from the small investors - to be specific, shareholders who tendered just one share.
Incidentally this category was the third biggest (in terms of applications tendered) accounting for 12.08% of the total applications received, according to a release issued by Infosys Technologies announcing closure of the secondary sponsored ADS programme. In numerical terms though this is a paltry 420 shares.
Against an offer of upto 30 million shares, the third sponsored ADS from Infosys saw a total of 84.03 million shares being tendered against 3,477 valid applications.
Infosys saw 3,513 shares being tendered by small shareholders(those who submitted anywhere between one share and a maximum of 10 shares) while 67,325 shares tendered by those who gave anywhere between 11 shares to 100 shares.
The promoters of Infosys who tendered 13.39 million shares saw 13.03 million shares being accepted. The acceptance works out to 12.33%. Against the 7.16 million shares tendered by the Indian public, 2.81 million shares accounting for 12.19% were accepted. In case of foreign institutional investors(FIIs) against 57.65 million shares tendered, the number of shares accepted stood at 11.59 million shares translating to an acceptance ratio of 12.08%.
The company would be returning the unallocated shares beginning from November 28 while the net proceeds would be credited to the account of the tenderers by December 20, 2006.
Infosys took a decision to go in for its third sponsored ADS issue recently. The aim of the ADS was to increase the float on the NASDAQ, thereby making the company eligible to be included in the NASDAQ-100 index. As a consequence of the third offer currently close to 20% of the company’s equity is available on the NASDAQ.
For the second quarter ended September 30, 2006 Infosys had a topline of Rs 3,451 crore while net profit stood at Rs 929 crore.
Incidentally this category was the third biggest (in terms of applications tendered) accounting for 12.08% of the total applications received, according to a release issued by Infosys Technologies announcing closure of the secondary sponsored ADS programme. In numerical terms though this is a paltry 420 shares.
Against an offer of upto 30 million shares, the third sponsored ADS from Infosys saw a total of 84.03 million shares being tendered against 3,477 valid applications.
Infosys saw 3,513 shares being tendered by small shareholders(those who submitted anywhere between one share and a maximum of 10 shares) while 67,325 shares tendered by those who gave anywhere between 11 shares to 100 shares.
The promoters of Infosys who tendered 13.39 million shares saw 13.03 million shares being accepted. The acceptance works out to 12.33%. Against the 7.16 million shares tendered by the Indian public, 2.81 million shares accounting for 12.19% were accepted. In case of foreign institutional investors(FIIs) against 57.65 million shares tendered, the number of shares accepted stood at 11.59 million shares translating to an acceptance ratio of 12.08%.
The company would be returning the unallocated shares beginning from November 28 while the net proceeds would be credited to the account of the tenderers by December 20, 2006.
ADVERTISEMENT
Infosys took a decision to go in for its third sponsored ADS issue recently. The aim of the ADS was to increase the float on the NASDAQ, thereby making the company eligible to be included in the NASDAQ-100 index. As a consequence of the third offer currently close to 20% of the company’s equity is available on the NASDAQ.
For the second quarter ended September 30, 2006 Infosys had a topline of Rs 3,451 crore while net profit stood at Rs 929 crore.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
