Satyam to be listed on Euronext in Amsterdam
Thursday, 24 January 2008, 17:50 IST
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Hyderabad: Satyam Computer Services, India's fourth largest software exporter, on Tuesday disclosed its intention to list its American Depository Shares (ADS) on Euronext in Amsterdam. The announcement was made by Satyam Chairman Ramalinga Raju at the first-ever opening bell-ringing ceremony at the National Stock Exchange (NSE) in Mumbai. With the Euronext listing, Satyam would become the first Indian company to be listed on three major exchanges around the world, said a company statement issued here. Satyam has already been listed on New York Stock Exchange (NYSE). "Euronext listing is a significant and exciting move for the company, reinforcing our position as a global organization. Europe is a dynamic and growing market for Satyam and our listing will demonstrate our continued and growing commitment to the region," Raju said. Satyam will also be the first company to list its existing ADSs on Euronext using the exchange's Fast Path application, a means of expediting the cross-listing of non-EU companies that are already listed on the NYSE. With this initiative, Satyam can directly access a larger pool of capital, and give investors across the EU an opportunity to directly invest in the company through a local exchange. "Listing with Euronext will provide numerous benefits to the exchange's customers as well as our investors. In addition to making investing in Satyam easier, it enables extended trading. Investors can purchase stock on Euronext and sell it on the NYSE the same day," added Raju.
Source: IANS
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