MTNL NYSE listing on Nov. 8

NEW DELHI, OCT. 18. Finally the D-day has arrived for the state- owned telecom major Mahanagar Telephone Nigam Ltd. to ring the bells at the New York Stock Exchange on November 8 when it would be formally listed, a top company official said today.

With this, MTNL would become the second telecom PSE to be listed at the overseas stock exchange after Videsh Sanchar Nigam Ltd.

``We are ringing the bells at NYSE on November 8, the period of four weeks to global depository receipt holders to convert their holdings into American depository receipts (ADRs) ends on October 26," the MTNL Chairman and Managing Drector, Mr. Narinder Sharma, told PTI.

Mr. Sharma would be ringing the bells at NYSE.

Trading in MTBL scrips was likely to start on October 26, the last date for conversion of GDRs into ADRs, Mr. Sharma said, adding the company had made its successful public filing with the exchange on September 27 after it got clearance from the Securities and Exchange Commission.

MTNL scrips changed hands at domestic bourses at Rs. 130. About 11 per cent of the equity of the company is in the hands of the GDR holders.

- PTI

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Section  : Business
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