Infosys planning new employee stock offer

Construction had already begun of this phase, which would comprise four software development blocks with a total capacity for 1,200 professionals, it said.

Infosys said its new facility in the southern city of Bangalore — Infosys Park — is scheduled for completion by December 1999 and will accomodate up to 2,000 software and support professionals.

Infosys has instituted a contingency plan to meet any possible disruption in customer supportdue to the Y2K impact on the technology and communication infrastructure provided to the company by its vendors. Infosys has made a provision of Rs 3.33 crore and Rs 6.66 crore respectively for the quarter and fiscal year ended March 31, 1999.

During the quarter, the paid-up capital of Infosys increased by 17.06 crore due to the issue of bonus shares in the ratio of 1:1, amounting to Rs 16.02 crore and Rs 1.04 crore issued under the American Depository Shares programme.