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Business News/ Companies / News/  Tata Motors confirms delisting from NYSE, termination of ADS programme
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Tata Motors confirms delisting from NYSE, termination of ADS programme

After Monday, there will be no over-the-counter market trading of the American Depositary Shares (ADSs) in the US due to regulatory restrictions under the Indian law

A Tata Motors Ltd.'s commercial vehicle dealership in Mumbai, India, on Tuesday, July 26, 2022. Tata Motors is expected to report results on July 27. Photographer: Dhiraj Singh/Bloomberg (Bloomberg)Premium
A Tata Motors Ltd.'s commercial vehicle dealership in Mumbai, India, on Tuesday, July 26, 2022. Tata Motors is expected to report results on July 27. Photographer: Dhiraj Singh/Bloomberg (Bloomberg)

Tata Motors on Monday said the voluntary delisting of its American Depositary Shares, representing ordinary shares, from the New York Stock Exchange will become effective close of trading on January 23, 2023.

It is after the company filed Form 25 with the Securities and Exchange Commission on January 13, 2023, said Tata Motors in regulatory filing.

After Monday, there will be no over-the-counter market trading of the American Depositary Shares (ADSs) in the US due to regulatory restrictions under the Indian law, Tata Motors said in a regulatory filing.

“As a consequence of the delisting becoming effective, termination of the Amended and Restated Deposit Agreement, dated as of September 27, 2004, as amended by Amendment No. 1 to the Amended and Restated Deposit Agreement, dated as of December 16, 2009 (so amended, the “Deposit Agreement"), by and among the Company, Citibank, N.A. as Depositary (the “Depositary") and the Holders and Beneficial Owners of the ADSs, will also become effective close of trading on the NYSE on January 23, 2023. After January 23, 2023, there will be no over-the-counter market trading of the ADSs in the United States due to regulatory restrictions under Indian law," said company in its 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, it added.

Starting on or about July 25, 2023, the Depositary may sell the then 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, it said.

"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," it noted.

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Published: 23 Jan 2023, 10:47 PM IST
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