As of September 30, 1999, Infosys had 2,070,000 ADS outstanding. After the stock split, the number had increased to 4,140,000 ADS. During this period, each ADS represented one half of an ordinary equity share of Infosys in India. The board recommended change in this ratio to represent one equity share for every one ADS in consequent to the bonus issue declared on April 13, 2004. Bonus shares made each ADS holder to have four shares with him. (Two from stock split and two from bonus shares).
The person who had purchased one ADS for $34 in 1999 holds four ADSs without investing any additional dollar. In other words, if we divide $34 with four ADSs, we can say that a person has invested $8.50 per ADS. Today each Infy ADS is quoting $60, said TV Mohandas Pai, member of the board and CFO of Infosys technologies. As on March 31 Infosys has 21.747 million ADS outstanding (trading) in the US market. If we compare the Infy ADS with each equity share in India, ADSs are trading at around 32% premium. In India, each equity share of Infosys is quoting at around Rs 1900 levels.