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Infosys bonus share issue approved

Shareholders of Infosys Technologies Limited have approved the company's proposal to issue bonus shares in the ratio 1:1.

At an extraordinary general meeting recently, the other special resolutions, including increasing the authorised capital to Rs 500 million from Rs 300 million and amending the

T O D A Y

• Wisdom 3.0 • Software exports boom • Infosys bonus issue • MP's IT education drive

capital clause in the articles of association, were also passed.

The company's board, on December 23, 1998, had recommended issue of bonus shares in the ratio 1:1 by capitalising a part of the general reserve account.

The purpose of issuing the bonus shares is to bring the issued and paid-up share capital closer to the actual capital employed in the business.

Answering a query on share buyback, Chairman and Managing Director N R Narayana Murthy has been quoted as saying that "If buyback of shares makes sound business sense at any given point, we will go for it. But, at the moment, it is not top priority for us.''

The company has fixed March 5, 1999, as the record date for the issue of bonus shares.

- Compiled from the Indian media

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