Satyam announced Tuesday it had filed an application for delisting its American Depository Shares from NYSE Euronext, the regulated market of Euronext Amsterdam.
'Upon careful consideration of the advantages and disadvantages of its listing on Euronext Amsterdam, the board of directors of the company has come to the conclusion that the financial and legal burdens of a listing no longer justify a listing on Euronext Amsterdam,' the company stated in a press release.
The application for delisting is subject to the approval of Euronext Amsterdam.
Upon delisting from Euronext Amsterdam, the company's equity shares are expected to remain listed and continue to be traded on the Bombay Stock Exchange and the National Stock Exchange of India and its ADS are expected to continue being traded on the New York Stock Exchange in New York.
The company does not intend to delist from the BSE, the NSE or the NYSE.
