statesman news service
KOLKATA, 7 JUNE: Tata Communications Limited today announced that it will delist its American Depository Shares (ADSs) from the New York Stock Exchange with effect from today.
"Tata Communications Limited confirms that the delisting of ADSs, as evidenced by American Depository Receipts (ADRs), from the New York Stock Exchange will become effective at the close of business today," the company said in a filing to the Bombay Stock Exchange.
This follows the filing by the company of a form 25 with the Securities and Exchange Commission on 28 May this year.
Holders of the company’s ADRs can surrender those to the depository in exchange for the underlying ordinary shares in the company at any time prior to 13 August 2013, the company said. As soon as practicable after that date, the depository will sell the shares underlying any outstanding ADRs and the ADRs will represent only the right to receive the cash proceeds from such sale, it added.
As a consequence of the delisting becoming effective, termination of the deposit agreement under which the ADRs were issued, will become effective on 14 July 2013, Tata Comm said.
The company’s equity shares, however, will continue to be traded on the Bombay Stock Exchange and the National Stock Exchange in India.