Satyam to delist ADS from NYSE Euronext

MUMBAI, INDIA: Indian IT firm Satyam Computer Services Ltd said on Tuesday that it has received regulatory approval to delist its American depositary shares from NYSE Euronext, with effect from May 20.

NYSE Euronext is a Euro-American corporation that operates multi-securities exchanges.

"On April 17 Euronext Amsterdam NV approved the company's application for delisting from NYSE Euronext, the regulated market of Euronext Amsterdam, of its American Depository Shares (ADS)," a company statement said.

The delisting is subject to the mandatory cash tender offer to be made by Venturbay Consultants Private Ltd, a subsidiary controlled by Tech Mahindra, the statement said.

Tech Mahindra had told on Monday that it would run the fraud-hit outsourcing firm as a standalone unit.

Satyam Computer will remain listed on the Bombay Stock Exchange, the National Stock Exchange and the New York Stock Exchange.

"Upon delisting from Euronext Amsterdam, the company's equity shares are expected to remain listed and traded on the Bombay Stock Exchange and the National Stock Exchange and its ADSs are expected to remain listed and traded on the New York Stock Exchange in New York," the statement said.