Mahindra Satyam transfers ADRs trading to OTC market

MUMBAI: Mahindra Satyam today announced that trading of its American Depositary Receipts (ADRs) has been transferred from the New York Stock Exchange (NYSE) to the over-the-counter (OTC) market effective today.

The new ticker symbol for the ADRs is SAYCY and real-time quotes for the ADRs are now available on www.otcmarkets.com, a company statement said here.

"Although we are moving our ADRs to the OTC market and the ticker symbol has changed, nothing will change with the ADRs themselves, Mahindra Satyam's Chairman, Vineet Nayyar said.

ADR owners will continue to own them. The broker can execute trades of ADRs in the OTC market where they will be classified in the Pink Sheets Current Information category, just like the ADRs of many other well-known international companies.

"We remain committed to our US investors and we are as keen as ever to serve the needs of US customers," Nayyar said.

ADR holders also retain the right to redeem their Mahindra Satyam ADRs and receive the underlying equity shares, which will continue to be listed on the principal Indian stock exchanges.