Infosys Technologies EGM to decide on Sponsored ADS

Infosys Technologies Ltd has announced that an Extra Ordinary General meeting (EGM) of the members of the Company will be held on November 07, 2006, to authorize the Board to sponsor the issue of American Depository Receipts Shares (ADSs) with Deutsche Bank Trust Companies America ("Overseas Depository"), against existing equity shares of the Company deposited by the shareholders of the Company ("equity shareholders"), pursuant to an option given to all equity shareholders in terms of the Sponsored ADR Regulation ("ADS Offering"), on such terms & conditions as the Board may in its absolute discretion deem fit, and to cause allotment to the investors in such foreign markets (whether institutions and / or incorporated bodies and / or individuals or otherwise and whether such investors are members of the Company or otherwise), and including by way of a Public Offering without listing, POWL in Japan of ADSs, by the Overseas Depository, where each such ADS shall represent one existing fully paid up equity share of par value of Rs 5/- per share, deposited pursuant to the Sponsored ADS Offering, and the size of the Sponsored ADS Offering, and the size of the Sponsored ADS Offering shall not exceed 3,00,00,000 equity shares, including the over allotment, if any, as decided by the Company / Underwriters, subject to necessary provisions & approvals.

Source : Equity Bulls

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