Wednesday, October 27, 2021
News

ADS delisting for simplification, Indian bourses provide adequate liquidity: Vedanta

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Friday, 2021 11:45:06 PM IST
Anil Agarwal's Vedanta Ltd on Friday said that its decision to delist American depositary shares (ADS) from NYSE is aimed at simplification, triggered by the low trading volumes in the security that doesn't justify the concomitant costs and related statutory obligations.

On Thursday, Agarwal had announced Vedanta's decision to delist its ADS and concentrate all trading of shares on Indian bourses -- the BSE and NSE.

"The Vedanta share is extremely liquid on Indian bourses with high daily volumes and provides both efficient price discovery and ample buy-sell opportunity to the investors, including the global ones," a company statement said, adding that a number of other companies have also followed this path in the recent past.

It said the move became easier considering that the depth of Indian stock exchanges has gone up significantly while technology has made it easier to invest from any part of the globe.

Vendanta's board has approved the delisting that will involve deregistering such ADS and the underlying equity shares and terminating the reporting obligations pursuant to the US Securities Exchange Act of 1934, as amended (the Exchange Act) upon, satisfying the relevant criteria.

The process is expected to become effective in 10 days after which the shares will no longer be listed for trading on the NYSE.

--IANS sn/arm

( 228 Words)

2021-09-24-23:10:03 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Global cues, Q2 results push indices hig...
Central Bank of India's Q2FY22 YoY net p...
PVR Cinemas forays into commercial, resi...
India, ADB sign agreement on loan to sup...
Sitharaman participates in annual meetin...
Income Tax Department conducts searches ...
More...
 
INDIA WORLD ASIA
'No politics..': Zakia Jafri to SC again...
NSCN committed to tangible solution, Nag...
Court to pronounce order on Punjab drug ...
Routine admin communications shouldn't b...
Union Health Secretary writes to West Be...
Pan India helpline for cyber crime, frau...
More...    
 
 Top Stories
Odisha CM Naveen Patnaik releases 1... 
Odisha forest dept rescues giant py... 
Pak, China call on world to provide... 
Three-day meeting of prosecutors ge... 
Aryan Khan bail plea hearing to con... 
Feels great to win, we'll look to c... 
Now selling counterfeit cookers, he... 
Shiva Thapa, Deepak Bhoria, Sumit a...