The Indian IT services company raised $256 million pre-greenshoe after New York's close Wednesday following the successful conversion of 2.605 million shares into 5.21 million ADRs. There is a ratio of two ADRs per share.
No new money was raised from the unique sale, which represents a first for India, where previously companies have been unable to convert common stock into ADRs. While there is full fungibility of ADRs into common stock, companies have only recently been allowed to convert the other way and only if an offering is open to all shareholders.
Under the lead management of Citigroup, Goldman Sachs and Merrill Lynch, Infosys sought to...
