Infosys applies to SEC to list new securities

Software services major Infosys Technologies has filed a prospectus with the US Securities and Exchange Commission to enable the registration of new securities in advance.

The company on Wednesday filed form 'F-3' with the US market regulator wherein it said that "from time to time, shareholders of Infosys Technologies Limited may sell American Depositary Shares, or ADSs, representing our equity shares in amounts, at prices and on terms described in one or more supplements to this prospectus".

Form F-3 is a kind of shelf-registration of a new issue which can be prepared up to two years in advance. This registration facilitates the process wherein a new issue can be offered quickly as soon as funds are needed or market conditions are favourable.

Each ADS that would be offered would represent one equity share.

The filing further said that "all ADSs sold pursuant to this prospectus will be sold on behalf of the selling shareholders. We will not receive any of the proceeds from the sale of the ADSs".

Infosys ADSs are listed on the NASDAQ Global Select Market and quoted at $34.84 per ADS on June 16.