New Delhi, Jan 22: Satyam Computer Services Ltd today announced its intention to list its American Depository Shares (ADS) on Euronext in Amsterdam, which will make it the first Indian Company to list on three major exchanges around the world- Euronext, New York Stock Exchange and National Stock Exchange.
The announcement was made by Satyam chairman Ramalinga Raju at the first-ever opening bell-ringing ceremony of the National Stock Exchange (NSE) here. ''It is indeed an honour to be the very first Company to ring the opening bell at the NSE and to inaugurate this prestigious way of being recognized as a leading Company. The fact that this event also commemorates our imminent listing on Euronext makes it even more prestigious for us,'' Mr Raju said.
A Euronext listing is a significant and exciting move for the Company, reinforcing our position as a global organisation. Europe is a dynamic and growing market for Satyam and our listing will demonstrate our continued and growing commitment to the region, he added.
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-European Union-based Companies that are already listed on the NYSE.
This initiative provides Satyam the means to directly access a larger pool of capital, and gives investors across the EU the opportunity to directly invest in Satyam through a local exchange.
The NYSE, Euronext and NSE are affiliated entities. Upon listing on Euronext, Satyam establishes its association with all three exchanges under one group, and strengthens its presence in three important markets.
''Listing with Euronext will provide numerous benefits to the exchange's customers, and to Satyam's investors. In addition to making investing in Satyam easier, it enables extended trading. That is, investors can purchase stock on Euronext and sell it on the NYSE the same day,'' Mr Raju said.