Tata Motors jumps on delisting its ADS from NYSE
Today, the stock opened at Rs 409.10 and has touched a high and low of Rs 417.55 and Rs 409.10, respectively.
At 11 am, shares of Tata Motors were trading at Rs 419.45, up by 11 points or 2.69% over its previous closing of Rs 408.45 on the BSE.
Tata Motors has confirmed the voluntary delisting of its American Depositary Shares (ADS), representing ordinary shares of the company, from the New York Stock Exchange (NYSE), effectively closed for trading on the NYSE on January 23, 2023. This follows the filing by the company of Form 25 with the Securities and Exchange Commission (SEC) on January 13, 2023.
The ADS holders can surrender their ADSs to the Depositary in exchange for the underlying ordinary shares of the company at any time on or prior to July 24, 2023. Starting on or about July 25, 2023, the Depositary may sell the then remaining ordinary shares held on deposit upon the terms described in the notice of termination of ADS facility as provided for in the Deposit Agreement.
The above action has no impact on the current listing status or trading of the company’s equity shares on BSE Limited and the National Stock Exchange of India Limited in India. For the avoidance of doubt, the company is not making any offer to buy the ADSs or the underlying ordinary shares, in any manner.
Tata Motors is India’s largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.
The BSE group 'A' stock of face value of Rs 2 has a 52-week high and low of Rs 519.50 and Rs 366.05, respectively. Last one week high and low of the scrip stood at Rs 416.60 and Rs 400, respectively. The current market cap of the company is Rs 1,38,499.09 crore.
The promoters holding in the company stood at 46.39%, while Institutions and Non-Institutions held 29.25% and 20.10%, respectively.
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