Shares of Infosys Technologies Ltd. fell last week after shareholders sold 30 million American depositary shares worth $1.6 billion in a secondary offering, converting shares from the Indian market to increase the company's international equity exposure.
Infosys, of Bangalore, a leading offshore outsourcer, said it would not receive any proceeds of the offering, which priced at $53.50 the night of Nov. 20. Its shares trade on the Nasdaq Global Select market, and closed Monday at $55.27.
The secondary offering of 5 million American depositary shares was placed with Japanese investors through a public offer without listing, as such transactions are known under Japanese law, and began trading Tuesday. The deal drove down Infosys shares 3.3% Tuesday, to $53.44. They recovered slightly Wednesday; the price was $53.77 at midmorning, up 0.6%.
