Indian Hotels delists from London Stock Exchange

Tata Group's hospitality firm Indian Hotels Company, which runs the chain of luxury properties under the Taj brand informed the exchanges today that it has delisted from the London Stock Exchange.

In May the company's board approved the proposal of delisting global depository receipts (GDR) proposal from the LSE.

"The company had proposed to delist the 1,96,380 GDRs representing 0.02% of the present paid equity capital of the company, outstanding as on March 31, 2015."

"The Financial Conduct Authority, UK and the London Stock Exchange (LSE) have confirmed that the said GDRs have been delisted from the Official List and are cancelled from admission to trading on the LSE with effect from June 29, 2015, 8.00am London time", added the Mumbai-based company.

The GDRs have been delisted in the light of low trading volume, IHCL had clarified earlier. About two decades ago IHCL had raised $86 million as equity through an issue of 51,95,783 GDRs.

"Consequently, the Company has also issued a notice to Citibank N.A for termination of the existing Depository Agreements of the GDR's", the company added.