Mahindra Satyam ADRs start trading over-the-counter
October 14th, 2010 - 6:51 pm ICT by IANSMumbai, 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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- Mahindra Satyam merger with Tech Mahindra likely next year - May 23, 2011
- Mahindra Satyam Fails To Meet The NYSE Deadline - Sep 29, 2010
- Mahindra Satyam posts flat Q1, Q2 revenues (Lead) - Nov 16, 2010
- Mahindra Satyam-Tech Mahindra merger put on hold - Feb 14, 2011
- Spanish firm files for delisting from New York Stock Exchange - Feb 24, 2011
- Mahindra Satyam's merger with Tech Mahindra next year - Nov 10, 2011
- Mahindra Satyam posts flat revenues in first two quarters - Nov 15, 2010
- Surya Pharma's arm acquires US's ActivOn for $22 mn - Dec 28, 2010
- Mahindra Satyam net profit at Rs.534 crore - May 17, 2012
- $10m US settlement in firm's interest, says Mahindra Satyam - Apr 06, 2011
- Mexican phone giant delists from foreign exchanges - Dec 21, 2011
- Price discovery of crude oil can not be left entirely unregulated: Jaipal Reddy - Feb 23, 2011
- Mahindra Satyam appoints three executives for Americas - Nov 22, 2010
- IT department freezes accounts of Mahindra Satyam - Mar 22, 2011
Tags: adrs, american customers, american depositary receipts, banks, brokerage firms, computer services, current information, erstwhile, information category, investors, market norms, new york stock, new york stock exchange, otc market, pink sheets, stocks, ticker symbol, trades, york stock exchange