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State-owned telecom services provider Mahangar Telephone Nigam Ltd has delisted its American Depository Shares (ADS) from the New York Stock Exchange to list them on the OTCQX International Market.
The de-listing of ADS from NYSE was with effect from December 31, 2012, while trading in MTNL ADS on OTCQX commenced from January 2, 2013, the company said in a BSE filing today.
OTCQX provides listing platform and access to US investors to non-US companies listed on a qualified stock exchange in their home country.
Earlier, MTNL had got shareholders’ approval for a proposal to de-list from Delhi, Calcutta and Madras stock exchanges. This was done considering the negligible volume of trading and as a cost-reduction measure.
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