Mahindra Satyam ADRs start trading over-the-counter

October 14th, 2010 - 6:51 pm ICT by IANS  

Mumbai, Oct 14 (IANS) Mahindra Satyam Thursday said trading of its American Depositary Receipts (ADRs) has been transferred from the New York Stock Exchange to over-the-counter (OTC) market.

“Although we are moving our ADRs to over-the-counter market and the ticker symbol has changed, nothing will change the ADRs. If you own the ADRs now, you will continue to own them,” Mahindra Satyam Chairman Vineet Nayyar said in a statement.

Mahindra Satyam, erstwhile Satyam Computer Services, has delisted its ADRs from the New York Stock Exchange citing its inability to comply with the US market norms.

ADRs are bought and sold on the US markets just like stocks and are issued by banks or brokerage firms.

Reiterating his commitment to the US markets, Nayyar said Mahindra Satyam would continue to serve the needs of American customers.

“Your broker can execute trades of our ADRs in the OTC market where they will be classified in the Pink Sheets Current Information category, just like the ADRs of many other well-known international companies. We remain committed to our US investors and we are keen as ever to serve the needs of US customers,” Nayyar said.

The new ticker symbol for Mahindra Satyam ADRs is SAYCY. Its trading on OTC market is effective from Thursday.

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