Tata Motors Limited has confirmed that the voluntary delisting of its American Depositary Shares (the “ADSs”), representing Ordinary Shares of the Company, from the New York Stock Exchange (the “NYSE”) will become effective close of trading on the NYSE on January 23, 2023.
As a consequence of the delisting becoming effective, there will be no over-the-counter market trading of the ADSs in the United States due to regulatory restrictions under Indian law”, the company said.
As per the regulatory filing, the ADS holders can surrender their ADSs to the Depositary in exchange for the underlying Ordinary Shares of the Company at any time on or prior to July 24, 2023. Starting on or about July 25, 2023, the Depositary may sell the remaining Ordinary Shares held on deposit upon the terms described in the notice of termination of ADS facility as provided for in the Deposit Agreement
The above action has no impact on the current listing status or trading of the Company’s equity shares on the BSE Limited and the National Stock Exchange of India Limited in India, the company confirmed.
Therefore, for the avoidance of doubt, the Company is not making any offer to buy the ADSs or the underlying Ordinary Shares, in any manner.
On BSE, at around 12:40 PM, Tata Motors was trading at Rs423.10 per share higher by 3.59% on the BSE.
For feedback and suggestions, write to us at editorial@iifl.com
