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TCS planning to list on London Stock Exchange
By agencies
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Monday, 09 May 2005, 19:30 IST
LONDON:Tata Consultancy Services, India's largest outsourcing company, plans to list the company on the London Stock Exchange, its Chief Executive Subramanian Ramadorai has indicated.
Stating that London is a very important market, Ramadorai told The Telegraph "They (LSE) keep talking to us to try and persuade us to go to the LSE. They say things like 'Sarbanes Oxley is a nightmare'. Everybody does their own sales pitch." Sarbanes Oxley is a financial and accounting disclosure norm mandated by U.S. Securities and Exchange Commission for companies who would list in U.S. Exchanges. It is also mandatory to follow it for existing listed companies.
TCS, which had a market capitalization of 6 billion pounds when it listed on the Bombay Stock Exchange in April, is known to be seeking secondary listing. According to sources, TCS is also talking to the New York Stock Exchange and Deutsche Bourse, but it is keen on London because "its culture fit TCS".
TCS has been at the forefront of moves to persuade more British companies to outsource their work to India. Among its clients are BT and British Airways, and TCS is also part of the consortium that is building the new NHS computer system.
Ramadorai said the Memorandum of Understanding signed between India and the U.K. last month made the U.K. a more attractive proposition for Indian companies. The memorandum increases the number of flights between the two countries from an existing 40 per week to 130.