Satyam files plea to delist ADS from Euronext Amsterdam
Satyam Computer Services Ltd said on Tuesday that it has filed an application for delisting from NYSE Euronext, the regulated market of Euronext Amsterdam.business Updated: Apr 14, 2009 22:35 IST
Satyam Computer Services Ltd said on Tuesday that it has filed an application for delisting from NYSE Euronext, the regulated market of Euronext Amsterdam.
The company said it does not intend to delist from the Bombay Stock Exchange (BSE), the National Stock Exchange (NSE) or the New York Stock Exchange (NYSE).
On Monday, Tech Mahindra emerged the highest bidder for a majority stake in Satyam Computer Services Ltd.
NYSE Euronext allows cross-listings in New York and Europe.
“Upon careful consideration of the advantages and disadvantages of its listing on Euronext Amsterdam, the board of directors of the company has come to the conclusion that the financial and legal burdens of a listing no longer justify a listing on Euronext Amsterdam,” the company said in a statement.
The company's equity shares would continue to remain listed and traded on the BSE and the NSE and its American Depository Shares (ADS) are would remain listed and traded on the NYSE.
Tech Mahindra, a joint venture between automobile giant Mahindra and Mahindra and BT Group, will spend a total of Rs 2,889 crore to acquire a 51 per cent stake in the scam-scarred firm.
The company’s bid topped engineering firm Larsen and Toubro Ltd’s (L&T) Rs 45.90 a share and private equity (PE) firm WL Ross and Co’s Rs 20 a share.