Satyam to delist ADS from Euronext Amsterdam post acquisition

14 April 2009

Satyam Computer Services Ltd will delist its American Depository Shares (ADS) from NYSE Euronext, while it will continue to remain listed on the Indian stock exchanges and the New York Stock Exchange.

Satyam Computer said its exit from NYSE Euronext in Amsterdam is due to financial and legal pressures and will remain listed on BSE and NSE in India and on NYSE through its ADS.

The application for delisting is subject to the approval of Euronext Amsterdam, the company added. The holders of Satyam's ADS would be able to participate in the 20-per cent public offer.

Satyam announced the decision to delist from Euronext Amsterdam after Tech Mahindra, the IT arm of automobile major Mahindra and Mahindra,  bid over Rs1700 crore ($351 million) to buy a 31-per cent stake in the fraud-hit firm.

Satyam, the fourth-largest outsourcing firm in India, got listed on Euronext Amsterdam, last year, under NYSE Euronext's new "fast path" process for cross-listings in New York and Europe.

Before Satyam founder-chairman disclosed the fraud at his company in January, Satyam was ranked India's fourth-largest outsourcing firm and Tech Mahindra was sixth-largest.