Tata Communications will delist its American Depositary Shares (ADS) from New York Stock Exchange with effect from close of business today.
"Tata Communications confirms that the delisting of its ADSs as evidenced by ADRs, from the New York Stock Exchange will become effective at the close of business today," the company said in a filing to the BSE.
As a consequence of the delisting becoming effective, termination of the deposit agreement under which the ADRs were issued will become effective on July 14, 2013, the filing added.
The company had filed a form with US regulator SEC for delisting from NYSE on May 28, 2013.
"Holders of the company ADRs can surrender their ADRs to the depository in exchange for the underlying ordinary shares in teh company at any time prior to August 13, 2013," the filing added.
The filing said on and after July 14, 2013, the Bank of New York Mellon, as depositary may discontinue the registration of transfer of ADRs, suspend distribution of dividends, give no further notices and subject to certain conditions cease perfoming any acts under the deposit agreement.
"The company's equity shares will continue trading on the BSE Limited and the National Stock Exchange of India Limited in India," it added.
Tata Communications had said it decided to delist due to low trading volume of its shares.
At the end of March 2013, Tata Comm had oustanding 70,83,975 ADRs representing 4.97% of the company's total number of shares, as per BSE website.
