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.