Vedanta had earlier said the decision to delist American depositary shares from the New York Stock Exchange (NYSE) is aimed at simplification and triggered by the low trading volumes in the security.
"The delisting of American Depositary Shares (ADSs), representing equity shares of the company, from the New York Stock Exchange (NYSE) will become effective at the close of trading on NYSE on November 8, 2021.
"This follows the filing by the company of Form 25 with the Securities and Exchange Commission (SEC) on October 29, 2021," Vedanta said in a filing to the BSE.
Vedanta had earlier announced that it will delist its American depositary shares and concentrate all trading of its equity shares on the BSE and the National Stock Exchange.
As a consequence of the delisting becoming effective, termination of the deposit agreement under which the ADRs were issued will also become effective close of trading on NYSE on November 8, 2021, the filing said.
"After November 8, 2021, Citibank, N.A., as depositary, will continue to distribute dividends and the net cash proceeds from the sale of corporate actions entitlements (after deduction of applicable fees, taxes and expenses), if any, to holders of ADSs who surrender their ADSs...for cancellation, after the record date for the applicable dividend or corporate actions entitlement but on or before December 8, 2021," it said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)