Infosys ADR issue only in 2005-06

The proposed sponsored secondary American depositary receipts issue of Infosys Technologies Ltd is likely only in the next financial year after the company details its guidance for 2005-06, an industry official familiar with the process said Tuesday.

The company has not decided on the date for the offering yet. Also, Infosys has not decided on the timing of the road shows for the issue.

However, the official said the company has veered around to the view that the offering may be made after the announcement of the fourth quarter results.

This, in effect, means the issue is likely after the third week of April. The company will also issue the guidance for the next financial year the day it announces the January-March earnings for 2004-05.

There were earlier expectations that Infosys may complete its secondary ADR issue by March 31.

Late January, the Securities and Exchange Commission of the US cleared the proposed sponsored secondary American depositary receipts issue. India's Foreign Investment Promotion Board cleared the proposal early February.

In December, shareholders approved Infosys' plan for a second sponsored ADR issue that would consist of a maximum of 16 million equity shares, including the greenshoe option.