ADS of Infosys not to be announced this quarter

The much-awaited ADS (American Depository Shares) issue of the Infosys Technologies Ltd will not be announced before its financial results f...

The much-awaited ADS (American Depository Shares) issue of the Infosys Technologies Ltd will not be announced before its financial results for the quarter ended June 30, Infosys’ chairman and chief mentor N.R. Narayana Murthy said on Monday in Mumbai. He was speaking at the sidelines of the Sir Purshotamdas Thakurdas Memorial lecture, organised by the Indian Institutions of Bankers.

Murthy said the company was entering the black-out phase before announcing the results. The company is likely to tag a price of about $66 for its proposed conversion of about 30 lakh equity shares into ADS. The price works out to a premium of 34 per cent over the current market price of the Infy share in the Indian market.

Commenting on the L1 visa, he said that he had taken up the issue with the US government and believed that the issue would be resolved soon. ‘‘Companies should not be worried about the resistance … should focus on global delivery standards.’’

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On a wider perspective, Murthy also suggested that the Centre should be the catalyst for creating employment opportunities. ‘‘We try to control everything and there we flaunder’’, is what he was hinting at.

On banking and technology, Murthy pointed out the need for devising strategies to achieve long-term operational efficiencies by the senior management team. “Technology is only an enabler and not a panacea. It is upto the people to take pro-active action… It is very important to have effective teamwork at the senior management level.