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INFY » Topics » Item 14. Material Modifications to the Rights of Security Holders and Use of ProceedsThis excerpt taken from the INFY 20-F filed Apr 26, 2005. Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds
Our board of directors recommended that our shareholders approve a bonus share issuance of three additional equity shares for every equity share held on July 2, 2004, the record date. Our board of directors also recommended a stock dividend of one ADS for every ADS held on the July 2, 2004 record date. Our shareholders approved the issue of bonus shares and stock dividend of ADSs at the Annual General Meeting of the Shareholders, held on June 12, 2004. The bonus shares were allotted to all shareholders on July 3, 2004 and distributed on July 5, 2004. The additional ADSs pursuant to the stock dividend on ADSs were distributed to holders of ADSs on July 6, 2004. Following the distribution of the stock dividend on the ADS, each ADS represents on conversion one equity share.
At the June 12, 2004 Annual General Meeting, our shareholders also approved the delisting of our equity shares from the Bangalore Stock Exchange. The company’s equity shares were de-listed from the Bangalore Stock Exchange on June 22, 2004.
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