Infosys said that it has not yet heard from Unit Trust of India (UTI) on any proposal for converting its entire equity holding in the it company into American Depository Receipts(ADRs) for offloading them in the international markets. We have not yet heard from UTI on any such proposal. If and when such a request comes we will examine it, to make sure that interest of all shareholders including the ADR holders are taken care of, T V Mohandas Pai, director (finance and administration) and chief finance officer of Infosys said on the sidelines of Indian CFO awards 2001 in New Delhi.

It has almost been a month since reports first surfaced on UTI considering approaching Infosys for converting its holding in the company into ADRs, with the move aimed at realising a much higher value, as Infosys shares are quoting at a significant premium to the domestic price.
UTI held 5.7 per cent equity in Infosys, which translated into 37,72,035 shares, as on December two this year. Bureau Report