Satyam gets nod from NYSE Euronext to delist its American depositary shares
Hyderabad-based Satyam Computer Services Ltd. notified on Tuesday that it has got regulatory approval from NYSE Euronext, to delist its American depositary shares, effective May 20.
NYSE Euronext is a Euro-American corporation that operates multi-securities exchanges.
The latest development comes after Venturbay Consultants Private Ltd, a subsidiary controlled by Tech Mahindra last week emerged as the highest bidder to acquire a majority stake in the troubled software company.
However, it should be noted that Satyam Computer will remain listed on the Bombay Stock Exchange, the National Stock Exchange and the New York Stock Exchange.
IT firm Satyam has been in turmoil since founder B. Ramalinga Raju revealed in January that he had overstated the company's profits over several years, and created a fictitious cash balance of more than $1 billion to lure investors.