Infosys de-lists ADS from German bourses

Infosys de-lists ADS from German bourses

Monday, 01 November 2004, 08:00 Hrs
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BANGALORE: Global software major Infosys Technologies Ltd has sought to de-list its American Depository Shares (ADS) from certain stock exchanges in Germany after it found them being traded without authorisation.

The company had learnt recently about the unauthorised listing of its ADS in Germany on the Berlin Breman, Dussoldorf, Munich, Frankfurt, Stuttgart and Xetra stock exchanges, a statement here said.

"Infosys' stocks were found being traded under the ticker symbol IOY.BER, IOY.DUS, IOY.MUN, IOY.FSE, IYO.STU and IYO.ETR. These listings occurred without the company's knowledge or permission," the statement said.

The company has requested the exchanges involved and stock specialists responsible for the unauthorised listing to de-list the ADS immediately and halt their trading from these exchanges.

A top Infosys official told IANS the company was not aware of the quantum of ADS that were being traded without authorisation on several German bourses.

"We are investigating the matter. It is the handiwork of brokers and institutional players as stocks can be traded in Germany without being officially listed on their exchanges," the official said, requesting anonymity.

The ADS were being traded at the same price ($66 each) as on the Nasdaq stock exchange, where the company is officially listed.

The statement, however, did not specify whether damages were being claimed from these exchanges.

Source: IANS
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