BANGALORE, India, Nov 7, 2006 (AFP) – Shareholders of Indian software major Infosys Tuesday approved a plan for converting 30 million local shares into its US counterpart in a bid to list the firm on the Nasdaq index, officials said. N.R. Narayanamurthy, chief mentor of Nasdaq-listed Infosys technologies said the price of the American Depository Shares will be decided after underwriters decide the value offered by institutional investors.
“We want Infosys to be the first Indian company to get into (the) Nasdaq index,” Murthy told shareholders at an extraordinary general meeting held in India’s technology hub of Bangalore.
“That particular journey requires that we enhance the liquidity in the US. This exercise is part of reaching that goal,” he said. “I hope at some point of time we will become the first Indian company to be listed on the Nasdaq 100.”
The Nasdaq index includes 100 of the largest domestic and international non-financial securities listed on exchange based market capitalization.
In 1999, Infosys became the first Indian firm to be listed on Nasdaq.
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This is the third time the company is offering its shareholders the “sponsored secondary American Depository Share” programme.
The last one in 2005 raised