Indian IT bellwether Infosys Friday decided to transfer its American Depository Shares (ADS) to the New York Stock Exchange (NYSE) from Nasdaq global stock market, where they will start trading Dec 12.
“Our shares will begin trading on the NYSE Euronext markets in the US under ‘INFY’ ticker symbol from Dec 12,” the company said in a statement here.
The global software major is also seeking to list its shares on the Paris and London exchanges of NYSE Euronext.
“Once the separate Euronext listing process is complete, our shares will trade on the NYSE Euronext markets in Paris and London,” the statement noted.
Infosys chief executive S.D. Shibulal said the decision to shift from Nasdaq was motivated by a desire to leverage the NYSE Euronext partnership to empower its investor base, increase access to its stock for European investors and broaden the trading window for global investors.
“We thank Nasdaq for the support and partnership we received from them as we took our brand to the global market, and we look forward to a strong and long engagement with NYSE Euronext,” Shibulal said in the statement.
As the first Indian company to go for overseas listing, Infosys went to Nasdaq in March 1999 with 2.7 million shares at $34 under the ADS programme.
Subsequently, the company sponsored secondary offerings of its shares thrice, valued at $294 million in July 2003, $1.07 billion in June 2005 and $1.6 billion in November 2006.
NYSE chief executive Duncan Niederauer said Infosys would benefit greatly from its global community, superior visibility platform and innovative market structure and technology.
“We look forward to building an outstanding partnership with Infosys and its shareholders in order to further unlock the company’s potential,” Niederauer said from New York.
Other Indian IT bellwethers TCS and Wipro are also listed on NYSE.