BANGALORE 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)
Global central bankers, stuck at zero, unite in plea for help from governments
JACKSON HOLE, Wyo. Central bankers in charge of the vast bulk of the world's economy delved deep into the weeds of money markets and interest rates over a three-day conference here, and emerged with a common plea to their colleagues in the rest of government: please help.
Qatar National Bank gets go-ahead to open branch in India
DOHA Qatar National Bank (QNB) has been given approval to open a branch in India offering banking services, the Gulf region's largest lender said on Sunday.
China's businesses may save nearly $23 billion a year under new measures - think tank
BEIJING Companies in China may save up to 150 billion yuan ($22.5 billion) a year if they are allowed to contribute less to employees' social security and housing plans, a research institute at the top economic planning agency said on Monday.