Infosys to voluntarily delist from Euronext Paris, Euronext London
The Bengaluru-headquartered tech giant said in a statement that the low volume of trade was not adequate for it to remain on the two exchanges, as per administrative requirements.
March 12, 2018 / 05:02 PM IST
Infosys said on Monday that it would voluntarily delist its American Depositary Shares (ADS) from Euronext Paris and Euronext London exchanges because of low average daily trading volumes.
The Bengaluru-headquartered company said in a statement, the low volume of trade is not adequate to remain on the exchanges, as per administrative requirements.
In the five years that the company was listed on Euronext Paris and Euronext London, the average daily trading volume of the company’s ADS was significantly lower than its average daily trading volume on the New York Stock Exchange (NYSE).
Infosys ADS will continue to be listed on NYSE under the symbol "INFY" and investors would be able to continue to trade their ADS on the NYSE.
The proposed delisting is subject to approval from Euronext Paris S.A. and Euronext London Limited.
There will be no change to Infosys' share/ADS count, capital structure and float, as a result of the proposed delisting from the Euronext exchanges.
Subject to the approval of the proposed delisting by Euronext Paris S.A. and Euronext London Limited, a sales facility will be provided by the company for holders of ADS trading on both exchanges.
ADS holders, who opt for the sale facility will be able to sell their ADS on NYSE in accordance with Euronext Paris and Euronext London rules. ADS holders who do not opt for the sale facility can continue to hold on to their ADS and will be able to trade them on the NYSE.
Until the date of completion of the proposed delisting, ADS holders can continue to trade on the Euronext Paris and Euronext London exchanges.