Tata Power to delist from Luxembourg Stock Exchange

7 Aug 2024 , 02:02 PM

Tata Power plans to delist its Global Depository Shares (GDS) from the Luxembourg Stock Exchange due to little activity in these shares. As of March 2024, the business held 362 depository shares, which were issued to Citibank NA in 1994.

In an exchange filing on Tuesday, the business stated that its Board of Directors evaluated and authorised the termination and delisting of its Global Depository Shares program.

According to the company, the GDSs program and its partnership with Citibank will be terminated due to a lack of activity in recent years, which will simplify the Company’s financial reporting requirements and reduce administrative costs.

It further stated that the business will take the appropriate procedures to end the GDSs program and its associated features, and that GDSs will be delisted from the Luxembourg Stock Exchange.

Tata Power, in collaboration with the former Tata Hydro-Electric Power Supply Company and the Andhra Valley Power Supply Company, issued GDS in the international market and began trading on the Luxembourg Stock Exchange.

GDRs are listed and traded on the Luxembourg Stock Exchange’s Euro MTF market, as well as the London Stock Exchange’s International Order Board (‘IOB’). Its depository receipts are selling at $4680 each. To be sure, one receipt equals 900 shares of the corporation.

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