Is There an Indian Equity Bubble? Infosys' Mega Secondaryposted by MR WAVETHEORY at 11/20/2006 09:49:00 PM
Infosys Technologies Limited (Nasdaq:INFY - News) announced the pricing of its sponsored secondary offering of 30,000,000 American Depositary Shares (ADSs), representing 30,000,000 equity shares (one equity share represents one ADS) at a price of US$53.50 per ADS excluding underwriting discounts and commissions. The aggregate size of the offering exceeds US$1.6 billion.
The most important line in the press release
Infosys will not receive any proceeds of this offering and the net proceeds after the offering expenses will be distributed to the selling shareholders within 30 days of the closing of the offering.
That's alot of selling shareholders.