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Satyam gets nod from Euronext Amsterdam to delist ADS

Satyam gets nod from Euronext Amsterdam to delist ADS
PTI
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First Published: Tue, Apr 21 2009. 06 24 PM IST
Updated: Tue, Apr 21 2009. 06 24 PM IST
Hyderabad: Beleaguered Satyam Computer Services Ltd on Tuesday said it has got approval to delist its American Depository Shares (ADS) from NYSE Euronext.
“On 17 April, 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 a mandatory cash tender offer to be made by Tech Mahindra Ltd, which won a bid last week to buy a 31% stake in the fraud-hit Satyam.
The company added that it does not 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 ADS through Euroclear Nederland (ECN holders).
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First Published: Tue, Apr 21 2009. 06 24 PM IST