HEADLINES
JOBS
DISCUSS
POLICY POLICE
ARCHIVES

Infosys may use NASDAQ funds for acquisitions

The money would primarily be used for expansion and infrastructure facilities. ''In future, if need arises, the money can also be used for acquisitions,'' N R Narayana Murthy, chairman and CEO of Infosys Technologies Limited, said in a statement today.

T O D A Y

• Sodhi strikes back • Infosys plans • Dishnet's promise • Maars subsidiaries

The company offered 1.8 million ADRs that are equivalent to 900,000 equity shares at the cost of $34 each.

Within an hour of listing, the ADR price rose to almost $50 and then settled at $44.

On the first day itself, over two million transactions were traded.

Infosys was allowed by the government to raise $75 million through the ADR route. The company, which had planned to go to the US market in 1998, had put off the offering because of poor market conditions.

Nationsbanc Montgomery Securities LLC, Bancboston Robertson Stephens, BT Alex Brown and Thomas Weisel Partners LLC are the managing underwriters of the offering.

UNI

Tell us what you think