Satyam ADR trading transferred to OTC market

Satyam Computer Services Limited, rebranded as Mahindra Satyam, said today that trading of its American Depository Receipts (ADRs) had been transferred from the New York Stock Exchange to the over-the-counter market.

The new ticker symbol for the ADRs is SAYCY and real time quotes are available on www.otcmarkets.com.

Company chairman Vineet Nayyar said the ADRs would be classified in the Pink Sheets (an electronic quotation system) Current Information category in the OTC market.

ADR holders will retain the right to redeem Satyam ADRs and receive the underlying equity shares, which would continue to be listed on the principal Indian stock exchanges. Nayyar said the company was also in the process of restating its prior US GAAP financial statements.

The company, in September this year, said it was delisting the ADRs from the NYSE due to its late SEC (Securities and Exchange Commission) filings on Form 20-F for the year ended March 31, 2009. NYSE had notified the company of its noncompliance and was given time till October 15, to make the filing.

It submitted its audited financial results according to the Indian GAAP for the years ended March 2009 and 2010 on September 29. The company will be making future filings available on www.otcmarkets.com. It would continue to give information to investors through the SEC’s EDGAR database, available at www.sec.gov.