Satyam to delist shares from Euronext Amsterdam

April 14th, 2009 - 8:22 pm ICT by IANS  

Hyderabad, April 14 (IANS) Fraud-hit Satyam Computer Services has filed an application with the New York Stock Exchange (NYSE) to delist its American depository shares traded on Euronext Amsterdam, the company said Tuesday.
“The board of directors has come to the conclusion that the financial and legal burdens no longer justify a listing on NYSE Euronext, the regulated market of Euronext Amsterdam,” Satyam said.

The company’s equity shares will, however, remain listed and traded on the Indian bourses - Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) - besides NYSE.

Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, will be the new owner of the country’s fourth largest software major.

The Mahindra group company was selected by the reconstituted Satyam board Monday after it offered to pick up 31 percent of the IT firm’s total shareholding for Rs.1,756 crore (Rs.17.56 billion/$351 million) at Rs.58 per share.

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Business |

Subscribe