2 Min Read
BANGALORE (Reuters) - IT services firm Infosys Ltd (INFY.NS), the first Indian company to list on Nasdaq, will shift its American Depositary Shares to the NYSE Euronext NYX.N in a move it said is intended to increase access to the stock for European investors.
Infosys INFY.O, India's second-largest software services provider, is also seeking listing of its ADS on the Paris and London boards of NYSE Euronext. The moves will not affect its float or capital structure, the company said on Friday.
The company, which has been listed on the Nasdaq OMX Group Inc (NDAQ.O) board since 1999, is the third most widely held Indian stock. It will trade under the "INFY" symbol on NYSE Euronext starting December 12.
Infosys Chief Executive S.D. Shibulal said the shift to the NYSE Euronext and its London and Paris bourse will also "broaden the trading window available" for foreign investors.
Infosys and larger rival Tata Consultancy Services Ltd (TCS.NS) want to boost their business in Europe, as more European companies look to outsource IT services to cut costs.
Europe accounted for nearly 22 percent of Infosys sales in the quarter ended in September, while North America brought in 64 percent of its revenue.
Reporting By Harichandan Arakali; Editing by Tony Munroe and Hans-Juergen Peters