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Wednesday, Feb 16, 2005

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FMR hikes stake in Infosys

Vishwanath Kulkarni

Bangalore , Feb. 15

FIDELITY Management and Research Corporation (FMR) increased its stake in Infosys Technologies to over five per cent recently.

Fidelity Investments, a subsidiary of FMR Corp, is one of the key clients of Infosys.

FMR, which held 27,26,725 shares amounting to 1.01 per cent of Infosys' total equity at the end of December 31, 2004, has acquired an additional 1.24 crore shares from the open market recently.

This increases FMR's holdings in Infosys to 5.65 per cent of the company's equity.

Despite a hike in stake by FMR over the last few weeks, the shareholding of foreign institutional investors (FIIs) in Infosys has reduced marginally to 41.48 per cent of the total equity as on February 15, compared to 41.75 per cent as on December 31, 2004. This could be due to the dilution of stakes by other FIIs since the beginning of the current quarter.

"This increase in FMR's stake in Infosys has got nothing to do with our ADS issue," said Mr V. Balakrishnan, Vice-President (Finance) and Company Secretary, Infosys Technologies.

The FMR acquisition has taken place over the last few days. Infosys stock has appreciated by about five per cent since the beginning of 2005 to Rs 2,188 as on February 15.

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