Infosys Technologies Ltd returned to the ADR market after New York's close on Wednesday May 25 with a second deal to expand its ADR pool. The transaction used the same format as the group's pioneering issue of August 2003, but was much larger in scale comprising a $938 million issue pre greenshoe compared to a $265 million deal last time round.
Indeed, the transaction represents the largest ever ADR from India, beating ICICI Bank's $405 million transaction in March this year. In a market where there have been few primary deals so far in 2005, the deal was also a blowout success with the international order book closing eight times subscribed,...
