Infy ADS priced at $67, may fetch over $1bn

Infosys Technologies today priced its sponsored american depository shares (ADS) at $67 per ADS and the 16 million issue, including that to the underwriters, is likely to fetch over $1 billion.

The price of $67 per ADS is at a 2.5% discount to yesterdays's closing price of the company's scrip on Nasdaq and is at a 34% premium to domestcic share prices.

The underwriters of the issue have seven days to exercise their option for 20,00,000 shares.

The company said in a statement that the size of the issue, if underwriters exercise their over-allotment option in full, will exceed $1 billion.

Infosys is the first Indian company to issue shares to Japanese investors via public offer without listing, it said adding 32,00,000 ADSs representating an identical number of equity shares will be placed with Japanese investors.