The Extraordinary General Meeting (EGM) of Infosys Technologies Limited was held today in Bangalore to consider the approval of sponsored secondary ADR program. Mr. Nandan Nilekani, Chief Executive Officer, President and Managing Director, chaired the EGM.
At the EGM, the members of the company approved the sponsorship of an ADR issue in the range of 2 million to 3 million shares (equivalent to 4 million to 6 million ADRs). The pricing will be determined by the lead underwriters and all shareholders holding Indian equity shares will have a pari passu right to participate in this offering
About Infosys Technologies Limited
Infosys, a world leader in consulting and information technology services, partners with Global 2000 companies to provide business consulting, systems integration, application development and product engineering services. Through these services, Infosys enables its clients to fully exploit technology for business transformation. Clients leverage Infosys' Global Delivery Model to achieve higher quality, rapid time-to -market and cost-effective solutions. Infosys has over 14,000 employees in over 30 offices worldwide. For more information, visit
Safe Harbor Provision
Certain statements in this release concerning our future growth prospects are forward-looking statements which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward -looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2002 and quarterly report on Form 6- K for the quarters ended June 30, 2002, September 30, 2002 and December 31, 2002. These filings are available at
www.sec.gov. Infosys may, from time to time, make additional written and oral forward -looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.