As of March 2024, the business held 362 depository shares, which were issued to Citibank NA in 1994.
In an exchange filing on Tuesday, the business stated that its Board of Directors evaluated and authorised the termination and delisting of its Global Depository Shares program.
According to the company, the GDSs program and its partnership with Citibank will be terminated due to a lack of activity in recent years, which will simplify the Company’s financial reporting requirements and reduce administrative costs.
Global Depository Shares (GDS) are a type of financial instrument used to facilitate the trading of a company’s shares in international markets. They represent shares in a foreign company and are typically listed on a stock exchange outside the company’s home country.
The GDS of Tata Power have seen minimal trading activity over the years, making it less beneficial for Tata Power to maintain the listing.
Delisting will help Tata Power reduce administrative and compliance costs associated with maintaining the listing on the Luxembourg Stock Exchange.
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