Three foreign institutional investors have acquired close to 23.2 per cent of the American depository shares of software major Infosys Technologies.

Capital Group International has picked up around 8.7 per cent, Capital International 8.5 per cent and Emerging Markets Growth Fund around 6 per cent.

This comes at a time when Infosys shareholders have approved a second round of American depository shares. The company is planning to issue an equivalent of 2-3 million shares represented by 4-6 million depository shares.

The company has filed the draft prospectus with the US Securities Exchange Commission but is yet to announce the price of the depository shares, which will be set by the lead underwriters and Indian shareholders.

Capital Group International is the flagship and parent holding company of a group of investment management companies, including a bank and several investment advisers.

Capital International, an investment adviser, is in possession of the depository shares believed to be outstanding in several investment companies and institutional accounts.

Emerging Markets Growth Fund, an investment company advised by Capital International, is the beneficial owner of 6 per cent of the depository shares.

Infosys' earnings could be adversely affected if it is required to change its accounting policy on the expensing of stock options.

The company has said its stock compensation is consistent with the fair value approach.