Infosys aims for Nasdaq 100 | india | Hindustan Times
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Infosys aims for Nasdaq 100

india Updated: Nov 08, 2006 10:54 IST

In 1999, Infosys became the first Indian firm to list on the Nasdaq, the US tech stock exchange. By the end of this month, the Indian infotech major will have finished its third US equity issue, mopping up $ 1.5 billion (Rs 6,750 crore), the largest by any Indian company. But that’s not all.

It wants to be part of the elite Nasdaq 100 index on the strength of its US market capitalisation.

And the target seems within reach. With its latest offering, Infosys' free float market capitalisation (shares not held by promoters and available for trading on the exchange) is set to touch $5.46 billion.

Existing shareholders will sell 3 crore equity shares of their own to mop up the $1.5 billion target. That will be followed by 10.75 crore equity shares of Infy being listed on the Nasdaq. At the scrip's current price of $50.85, Infy will have a total US market cap of $5.46 billion (Rs 24,500 crore), putting it at 73rd position on the Nasdaq 100.

Sitting on top of the Nasdaq 100 are Microsoft with a market cap of $286 billion and Oracle at $94 billion.

"We want Infosys to be the first Indian company on the Nasdaq 100. This requires that we enhance liquidity on the bourse. The present exercise is a step towards that goal," N.R. Narayanamurthy, chief mentor at Infosys, told shareholders at an extraordinary general meeting in Bangalore on Tuesday.