Advertisment

MTNL to list on NYSE

author-image
CIOL Bureau
Updated On
New Update

Mahanagar Telephone Nigam Ltd. (MTNL) plans to time its listing of shares on the New York

Stock Exchange (NYSE) with its proposed disinvestment programme giving its European stake

holders an option to convert their equity into American Depository Receipts

(ADRs).

MTNL Chairman and Managing Director S. Rajagopalan said

that the company had planned to be listed at the NYSE bourse along with the divestment of

19 million government shares for which a book building exercise would begin by the end of

the month. He also mentioned that they have planned to list at the NYSE the entire global

depository receipts (GDRs) being traded at the London Exchange currently.

The Government's consent on the NYSE listing is expected

this week or latest by next week along with its concurrence on the appointment of lead

managers and price fixing for divesting the equity.

tech-news