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ADS delisting for simplification, Indian bourses provide adequate liquidity: Vedanta
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SME Times News Bureau | 25 Sep, 2021
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.
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