Mumbai: IT major Satyam Computer Services Ltd today said it plans to list its American Depository Shares (ADS) on Euronext in Amsterdam.
As the New York Stock Exchange, Euronext and NSE are affiliated entities, upon listing on Euronext, it would establish its association with all three exchanges under one group, strengthening its presence in these three important markets, Satyam said in a communique to the Bombay Stock Exchange.
With the Euronext listing, Satyam would become the first Indian company to list on three major exchanges around the world, making itself globally-tradeable entity.
“A Euronext listing is a significant and exciting move for the company, reinforcing our position as a global organisation,” Satyam Chairman Ramalinga Raju said.
“In addition to making investing in Satyam easier, it will enable extended trading. That is, investors can purchase stock on Euronext and sell it on the NYSE the same day,” Raju added.
Europe is a dynamic and growing market for the company and with this listing it wants to demonstrate its continued and growing commitment to the region, Satyam said.
Shares of the company were trading at Rs350, down 5.76% on the BSE in morning trade.