Infosys (NYSE: INFY; BSE, NSE: INFY) today announced its intention to voluntarily delist its American Depositary Shares (ADS) (ISIN US4567881085) from the Euronext Paris and Euronext London exchanges.
The primary reason for seeking the proposed delisting is the low average daily trading volume of Infosys ADS on these exchanges, which is not commensurate with the related administrative requirements. During the 5-year period of the company’s listing on Euronext Paris and Euronext London, the average daily trading volume of the company’s ADS was significantly lower than its average daily trading volume on the New York Stock Exchange (NYSE).
The proposed delisting is subject to approval from Euronext Paris S.A. and Euronext London Limited. There will be no change to the Infosys share/ADS count, capital structure and float, as a result of the proposed delisting from the above exchanges. Infosys ADS will continue to be listed on the NYSE under the symbol ‘INFY’ and investors can continue to trade their ADS on the NYSE as before.
Subject to the approval of the proposed delisting by Euronext Paris S.A. and Euronext London Limited, a sales facility will be provided by the company to the holders of ADS trading on the Euronext Paris and Euronext London exchanges. ADS holders, who opt for the sales facility will be able to sell their ADS on the NYSE in accordance with Euronext Paris and Euronext London rules. ADS holders who do not opt for the sales facility can continue to keep their ADS and will be able to trade their ADS on the NYSE. Further, until the date of completion of the proposed delisting, the ADS holders can continue to trade their ADS on the Euronext Paris and Euronext London exchanges.
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