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This is an archive article published on February 11, 2000

MTNL to list ADR on Mar 15

NEW DELHI, FEB 10: Mahanagar Telecom Nigam Ltd plans to list its American Depository Receipts on the New York stock exchange around March ...

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NEW DELHI, FEB 10: Mahanagar Telecom Nigam Ltd plans to list its American Depository Receipts on the New York stock exchange around March 15, MTNL chairman-cum-managing director S Rajagopalan said today.

Asked on the government8217;s further disinvestment in MTNL, Rajagopalan said, quot;you must ask the owner governmentquot;.

Reacting to the on-schedule of MTNL8217;s listing at the NYSE, its share prices hit the upper band at Rs 350 after exhausting the permissible eight per cent rise.

The NYSE listing expected to happen around mid-March will enable holders of MTNL8217;s global depository receipts GDRs to trade on the US exchange. But, it will retain its listing on the London Stock Exchange and the investors will have the option to convert their GDRs to ADRs.

 

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