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Mahindra Satyam to stay in limelight on delisting plans


MeltData

As the IT armof the conglomerate Mahindra & Mahindra, Mahindra Satyam has recently made its plan to clear to delist its American depository receipt (ADR) from the New York Stock Exchange (NYSE), analysts are expecting the stock to stay in limelight in the coming times.

While the company has said that it will not be able to meet the October 15 deadline for preparing the financial statements which fall under the US accounting standards, it also showed its intentions of filing a form 25.

The company expects to notify the US regulator, Securities and Exchange Commission or SEC around 4 October and the ADRs shall be delisted by the 14 October.

For the record, the stock of the company touched an intraday high of Rs. 98 and low of Rs. 90.6 while the share price was being traded at a level of Rs. 95.95 down 4.15% from a day before level.

However, it was he ADR price that took most of the beating as it was down almost 24% trading at $4.67 after the company announced its intentions of delisting it. It is to be mentioned here that the Satyam ADR currently represents two Indian shares of the company.
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