Vedanta share price falls 2% on American depositary shares' delisting plan
The company intends to file a Form 25 with the SEC on or about October 29, 2021 to delist its ADSs from the NYSE.
September 24, 2021 / 09:53 AM IST
Vedanta share price declined 2 percent intraday on September 24 after the company said plans to delist its American depositary shares.
" ... announces its intention to delist its American depositary shares (ADSs) representing its equity shares from the NYSE and to terminate its ADS program," company said in its press release.
The company also intends to deregister such ADSs and the underlying equity shares and terminate the reporting obligations pursuant to the US Securities Exchange Act of 1934, as amended (the “Exchange Act”) upon satisfying the relevant criteria, company added.
The company’s board of directors has taken into account the recent low trading volume of its ADSs on the NYSE and the associated costs of maintaining the listing and related obligations.
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The company intends to file a Form 25 with the SEC on or about October 29, 2021, to delist its ADSs from the NYSE.
The delisting is expected to become effective ten days thereafter, at which time the ADSs of the Company will no longer be listed for trading on the NYSE.
The stock touched a 52-week high of Rs 341.25 and a 52-week low of Rs 91.25 on August 16, 2021 and November 4, 2020, respectively.
Currently, it is trading 13.45 percent below its 52-week high and 223.67 percent above its 52-week low.
At 09:33 hrs, Vedanta was quoting at Rs 295.35, down Rs 4.65, or 1.55 percent on the BSE.