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April 20, 1998 |
FERA trips up Infosys's ADR plansProposals that would violate the Foreign Exchange Regulations Act has tripped up plans Infosys had to raise $ 125 million for its new facilities in Bangalore.The company had hoped to issue American Depository Receipts to raise $ 75 million and give employees stock options to raise the remaining $ 50 million.
Now the company has the option to plug these loopholes and come up with a fresh proposal to get the finance ministry's okay. The company first went public in 1993 to raise Rs 130 million. Now it is valued around Rs 1,400 per share. -Compiled from the Indian media |
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