IT firm Satyam Computer Services on Tuesday said the delisting of the company’s American Depository Shares from NYSE Euronext has been approved.
“On April 17 Euronext Amsterdam NV approved the company’s application for delisting from NYSE Euronext, the regulated market of Euronext Amsterdam, of its American Depository Shares (ADS),” the company said in a statement. NYSE Euronext is a Euro-American corporation that operates multi-securities exchanges.
The delisting is subject to the mandatory cash tender offer to be made by Venturbay Consultants Private Ltd, a subsidiary controlled by Tech Mahindra, it said.
However, the company does not currently intend to delist from the Bombay Stock Exchange, National Stock Exchange or the New York Stock Exchange.
In connection with the cash tender offer, an agent in the Netherlands would be appointed to facilitate the tender process for investors holding their ADSs through Euroclear Nederland (ECN holders).
“Upon delisting from Euronext Amsterdam, the company’s equity shares are expected to remain listed and traded on the Bombay Stock Exchange and the National Stock Exchange and its ADSs are expected to remain listed and traded on the New York Stock Exchange in New York,” the statement added.