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Stake Sale
Infosys Technologies announces Sponsored Secondary ADR Offering
Posted On : 2006-11-07 12:27:54( TIMEZONE : IST )
Infosys Technologies Ltd has announced that pursuant to notifications issued by the Government of India and the Reserve Bank of India, the Company is sponsoring a Secondary ADR Offering on the NASDAQ of not more than 3,00,00,000 American Depositary Shares (represented by 3,00,00,000 Equity Shares) against the block of shares to be divested by the Equity Shareholders.
The Company is providing all equity shareholders the opportunity to participate as a selling shareholder in the offering of ADSs on the terms and conditions contained in a separate Invitation to Offer. The Company has on November 07, 2006 dispatched copies of the Invitation to Offer together with the accompanying documents to those equity shareholders whose names appear on the register of members maintained with the Company, and the register and index of beneficial owners maintained with the depository, in each case at the close of business hours on October 27, 2006.
Further, the Invitation to Offer is being sent to equity shareholders at their registered address in India, and if any Equity Shareholder does not have a registered address in India, then to the address, if any, within India supplied by such Equity Shareholder to the Company for giving of notices and other documents.
The schedule of activities in relation to the offer is as follows:
Offer Opening Date : November 09, 2006
Offer Closing Date : November 17, 2006
Date by which communication regarding the acceptance of the deposited shares would be dispatched : December 04, 2006
Date by which consideration would be received : Not later than 30 days from the date of closing of the ADS offering.
Last date until which the deposited equity shares may be held in the Escrow Account* : February 08, 2007
* Pursuant to the relevant notification of the RBI, equity shares shall not be retained in the escrow account for a period exceeding 3 months. The Company shall endeavour to return the deposited equity shares at the earliest if the transaction is not completed or withdrawn.
