BANGALORE, May 26 (Reuters) - Infosys Technologies Ltd. (INFY.BO: Quote, Profile, Research) (INFY.O: Quote, Profile, Research) , India's second-biggest software services exporter, has converted 14 million local shares into American Depositary Shares (ADS) at $67 each, in a deal worth $938 million, the company said on Thursday.

That makes it the biggest ever conversion of local shares into ADS.

Infosys had offered to convert up to 16 million shares, or up to 6 percent of the company's underlying local shares into equivalent ADS.

It said the underwriters have a seven day option to buy an additional 2 million ADS.
The deal was done at a 2.5 percent discount to Infosys Wednesday's closing of $68.75 at the Nasdaq and would increase the size of the U.S. float to about 14 percent of its equity capital.