Mah Satyam will consider US relisting in future: CEO Gurnani

Mahindra Satyam, which will delist its shares from the New York Stock Exchange this month, today said the company will consider relisting on the same American bourse in the future.

The software company last month announced that it would delist its American Depository Receipts (ADRs) from the NYSE, citing its inability to comply with the US market norms. ADRs would stop trading from October 14.

"We have decided to delist from NYSE and ... At some stage, yes, we will consider relisting the stock on the bourse (NYSE)," Mahindra Satyam CEO C P Gurnani told PTI.
    
The company anticipates that after delisting, the ADRs would continue to trade in the over-the-counter (OTC) market.
    
Over-the-counter can be used to refer to stocks that trade through a dealer network as opposed to a centralised exchange.
    
In an announcement on September 24, Mahindra Satyam had said its shares would continue to trade on the Indian stock exchanges.
    
Shares of Indian IT firm Mahindra Satyam went into a tailspin and plunged 24 per cent in early trade on the New York Stock Exchange that day, reacting to the company's announcement to delist from the New York Stock Exchange.