15 Apr 2009, ET Bureau
NEW DELHI: Satyam Computer Services has decided to delist its American Depositary Shares from NYSE Euronext in Amsterdam.
The government-nominated board took the decision on delisting after concluding that the financial and legal burdens of a listing was no longer viable for the company.
Satyam was the first NYSE-listed company after the merger between NYSE Group and Euronext to seek a cross-market listing on NYSE Euronext in Europe in January last year.
The application for delisting is subject to the approval of Euronext Amsterdam. Upon delisting from Euronext Amsterdam, the Company's equity shares are expected to remain listed and traded on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited , and its ADSs are expected to remain listed and traded on the New York Stock Exchange in New York ("NYSE").
On Monday, Tech Mahindra said it would pay more than $550 million for a controlling stake in Satyam, throwing a lifeline to the fraud-hit firm.
Last year, Satyam launched a secondary listing on Euronext Amsterdam under NYSE Euronext's new "fast path" process for cross-listings in New York and Europe.
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