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|December 18, 1997||
NationsBanc is lead manager for Infosys ADR issueInfosys Technologies Limited has appointed San Francisco-based NationsBanc Montgomery Securities as lead manager for the proposed American depository receipts issue to raise $75 million in early 1998.
In a press release, the company states that NationsBanc Montgomery Securities leads a group of three managers. The other two are BancAmerica Robertson Stephens, San Francisco, and BT Alex Brown of New York.
Infosys Technologies has appointed Wilson Sonsini of Goodrich and Rosati
Necessary approvals are being sought from the Indian government for the proposed ADR issue. The Indian advisors to the issue are Enam Financial Consultants, Bombay, while Crawford Bayley and Co, Bombay, has been appointed as legal counsel and KPMG Peat Marwick of Bangalore as accountants.
"Infosys is putting its strategy in place for going to the next orbit. This will require that Infosys compete in the premier market space of branded services companies on value-based pricing,'' N R Narayanamurthy, chairman and managing director, said.
"For this we will have to invest both in the front-end capabilities in western markets as well as in high quality infrastructure in the development centre,'' he explained.
Narayanamurthy said, "We will have to invest in marketing and brand creation to ensure long-term growth and profitability. The ADR issue and the subsequent listing in the US will also create the global currency to give stock options to employees so that we can attract and retain the best and the brightest from all over the world.''
Earlier: Infosys switches to US bookkeeping methods. Will others follow?
- Compiled from the Indian media
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