Infosys says to split ADS in 2-for-1 ratio
Monday November 29, 3:05 am Eastern Time
BOMBAY, Nov 29 (Reuters) - Indian software firm Infosys Technologies Ltd said on Monday its NASDAQ-listed American Depositary Shares (ADS) will be split in the ratio of two-for-one following a similar split set for its local shares .
``The ADS holders will receive 2 ADSs for every ADS held by them,' the firm said in a statement.
Infosys, India's first firm to be listed on a U.S. exchange when its ADS's were listed in March, said it would split the par value of its domestic shares to five rupees each from 10 rupees, subject to approval from shareholders at an extraordinary general meeting set for December 29.
It said the ratio of two ADSs to one underlying equity share remained unchanged.
``As of September 30, 1999, Infosys had 2,070,000 ADS outstanding. Upon completion of the stock split, the number will increase to 4,140,000 ADS,' the firm said. |
