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Infy sponsored ADRs okayed

Bangalore, Feb. 22 (PTI): Shareholders of Infosys Technologies today approved the sponsored American Depository Receipts (ADR) issue of the company in the range of two million to three million shares.

The sponsored ADR issue, which is equivalent to 4 million to 6 million ADRs, was approved at an extraordinary general meeting held here.

“We believe the ADR conversion will make Infosys stock have more liquidity and make it to one of the mainstream stock in the US. We believe our stock would be covered by mainstream analysts and held by well-known long-term players,” Infosys chairman N. R. Narayana Murthy said from Germany.

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