Mumbai: Mumbai-based Century Textiles and Industries Ltd plans to terminate its global depository receipt (GDR) facility, which will lead to delisting of its GDRs from the Luxembourg Stock Exchange, the company said in a notification to BSE.

The move has been necessitated after the resignation of Citibank NA, New York, which was the depository for the GDR holders, and also due to thin trading volume. The company said in its release that it is not viable for it to continue the GDRs or appoint a new depository.

The company has therefore decided that the existing deposit agreement dated 20 September 1994 should not be continued beyond 27 February 2015—the date indicated by Citibank NA as the last date up to which the deposit agreement shall continue.

At 1.30pm, the company’s shares were trading at 509 apiece, up 5.09%, while the benchmark Sensex index was trading at 27,103.84 points, up 1.47%.

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