Tata Motors to list ADRs on NYSE today

Tata Motors, the country's largest manufacturer of commercial vehicles, will list its outstanding global depository receipts (GDRs) in the form of American depository receipts (ADRs) on the New York Stock Exchange (NYSE) on Monday. The listing plans were announced after their first quarterly results' board meeting in July.

Ratan N Tata, chairman, will sound the opening bell to mark the listing. This will make Tata Motors the eighth Indian company and the first Indian automobile company to be listed on the NYSE.

The company will not issue new shares or raise fresh capital as part of the listing. Approximately 6 per cent of the company's Rs 358 crore (Rs 3.58 billion) equity is held in the form of GDRs. The conversion of GDRs to ADRs will be in the ratio of 1:1.

The listing is expected to give the company better global visibility and give its foreign currency convertible bond (FCCB) holders a stronger platform for trading in shares. Other overseas listing plans include listing its this year's $400 million FCCB issue on the Singapore Stock Exchange.