Infosys prices largest international equity offering from India
Bangalore, India - May 26, 2005: Infosys Technologies Limited (NASDAQ: INFY) announced the pricing of its sponsored secondary offering of 14,000,000 American Depositary Shares (ADSs), representing 14,000,000 equity shares (one equity share represents one ADS) at a price of US$ 67.00 per ADS.
The underwriters have a seven day option to purchase up to 2,000,000 additional ADSs, representing 2,000,000 equity shares.
The size of the offering, if the underwriters exercise their over-allotment option in full, will exceed US$ 1 billion. As part of this ADS offering 3,200,000 ADS representing 3,200,000 shares will be placed with Japanese investors through a Public Offer without Listing (POWL). This is the first POWL issue by any Indian company.
Infosys will not receive any proceeds of this offering and the net proceeds after the issue expenses will be distributed to the selling shareholders within 30 days of the closing of the offering. On May 19, 2005 the Indian Invitation to Offer concluded, with 14,693 offers for 52,388,377 equity shares being offered for sale in the sponsored secondary ADS offering. The maximum offer size of the Indian Invitation to Offer was 16,000,000 equity shares. The unsold shares will be returned to all the selling shareholders by June 15, 2005. The combined holdings of all the shareholders who offered their shares in the Indian Invitation to Offer was 184,307,948 equity shares.
The Offering was lead-managed by Citigroup, Deutsche Bank Securities, Goldman Sachs (Asia) L.L.C., and UBS Investment Bank and co-managed by ABN AMRO Rothschild LLC, Banc of America Securities L.L.C. and Nomura International. Nomura Securities acted as the sole book runner for the POWL. Enam Financial Consultants Private Limited acted as the Indian Financial Advisor to the offering.
A copy of the final prospectus may be obtained by writing to the offices of Citigroup Global Markets Inc., 388 Greenwich Street, New York, New York 10013; Deutsche Bank Securities Inc., 55th Floor, Cheung Kong Centre, 2 Queen's Road Central, Hong Kong; Goldman Sachs (Asia) L.L.C., 68th Floor, Cheung Kong Centre, 2 Queen's Road Central, Hong Kong; or UBS AG, 52nd Floor, Two International Finance Centre, 8 Finance Street, Central, Hong Kong.