MUMBAI: Infosys Technologies Ltd, India's second-largest software exporter, said on Tuesday it had priced its sponsored American Depositary Receipts at $53.50.
Infosys Technologies, based in Bangalore, said the size of the sponsored ADRs offering would exceed $1.6 billion.
Earlier this month, shareholders approved the conversion plan which Infosys officials said was part of a bid by the software giant to become the first Indian company to enter the tech-heavy US Nasdaq 100 index.
The pricing of the ADR offer was determined by underwriters following a roadshow.
The Nasdaq 100 index is made up of the largest domestic and international non-financial securities listed on the exchange based market capitalization. The company which is already listed on NASDAQ said five million ADRs would be placed with "Japanese investors through a public offer without listing."
"Infosys will not receive any proceeds of this (total) offering and the net proceeds after the offering expenses will be distributed to the selling shareholders," the firm said.
The company has said that to enter the Nasdaq index it must "enhance the liquidity in the US" and that the issuing of ADRs was "part of reaching that goal." It has not said when it expects to be able to enter the Nasdaq 100.
