Tata Motors on Monday said the voluntary delisting of its American Depositary Shares, representing ordinary shares, from the New York Stock Exchange will become effective close of trading on January 23, 2023.
Image: Guenter Butschek, CEO and Managing Director of Tata Motors. Photograph: Saumya Khandelwal/Reuters
After Monday, there will be no over-the-counter market trading of the American Depositary Shares (ADSs) in the US due to regulatory restrictions under the Indian law, Tata Motors said in a regulatory filing.
The ADS holders can surrender their ADSs to the Depositary in exchange for the underlying ordinary shares of the company at any time on or prior to July 24, 2023, it added.
Starting on or about July 25, 2023, the Depositary may sell the then remaining ordinary shares held on deposit upon the terms described in the notice of termination of ADS facility as provided for in the deposit agreement, it said.
“The above action has no impact on the current listing status or trading of the company’s equity shares on the BSE Limited and the National Stock Exchange of India Limited in India,” it noted.