Infosys on Monday said it will delist its American Depository Shares (ADS) from the Euronext Paris and Euronext London stock exchanges but continue to trade on the NYSE.
The "reason for voluntary delisting is the low average daily trading volume of ADS on both the exchanges," the IT major said in a statement. The company's Indian shares, of a Rs 5 face value, are traded on the BSE and the NSE in Mumbai.
Since the listing of the ADS on the Paris and London exchanges five years ago, its average daily trading volume has been lower than on the New York Stock Exchange (NYSE).
"There will be no change to the Infosys share/ADS count, capital structure and float, as a result of the proposed delisting from the twin Euro exchanges," said the company in a regulatory filing on the BSE. The delisting will be after approval from Euronext Paris S.A. and Euronext London Ltd.
"As the ADS will continue to be on the NYSE under its symbol 'Infy', investors can trade their ADS on the US exchange," the statement said.
The company will provide a sales facility to ADS holders on the Paris and London stock exchanges for trading them on the NYSE. "ADS holders, who opt for the facility, can sell their shares on the NYSE in accordance with Paris and London stock exchange rules," added the statement.
The company's blue-chip scrip finished at Rs 1,185.85 per share on the BSE on Monday, gaining Rs 22.45 from 9 March’s closing price of Rs 1,163.40.
Published Date: Mar 12, 2018 18:50 PM | Updated Date: Mar 12, 2018 19:09 PM