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Mphasis-BFL to consider ADR issue

India's Mphasis-BFL will decide on an issue of American depository receipts, or ADRs, or American depository shares, or ADS, at a board meeting to be held on June 6, the Bombay Stock Exchange, or BSE, said.

The company was earlier called BFL Software Limited. It followed the merger of US-based Mphasis Corp that is expected to be completed by mid-June.

Barings India Investment Limited, a private fund sponsored by ING Group of the Netherlands, holds 52 per cent of BFL's equity and 22 per cent of Mphasis.

It will have a 39.7 per cent holding Mphasis-BFL after the merger is completed.

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