This company of Tata Group is going to be de-listed from the market, shares will not be bought and sold, what should investors do?
The shares of Tata Group’s giant Tata Motors have been delisted from the New York Stock Exchange (NYSE).
Highlights
- Shares can be deposited with the depository at the New York Exchange.
- This work will have to be done by July 24, 2023.
- The depository can sell the remaining equity shares.
New Delhi. The shares of Tata Group’s giant Tata Motors have been delisted from the New York Stock Exchange (NYSE). Tata Motors said that it is voluntarily de-listing its ordinary shares from the New York Stock Exchange. This will become effective at the close of business on Monday.
Giving this information in a regulatory notice, the company said that due to regulatory restrictions imposed under Indian law, its American Depository Receipts (ADS) will not be traded in the US market after Monday.
What should investors do?
Tata Motors said that ADS holders can deposit their shares with the depository at the New York Exchange. This work will have to be done by July 24, 2023. After the specified time, the depository can sell the remaining equity shares. However, the company said that the move will have no impact on the trading or current listing status of its equity shares on BSE and NSE in India.
Company partnered with ICICI Bank
Tata Motors Limited is a Large Cap company operating in Auto sector with a market cap of Rs 140208.27 Crore. Tata Motors (Tata Motors) on Monday announced that it has partnered with ICICI Bank to provide financing solutions to its authorized passenger electric vehicle dealers. Under the partnership, the bank will provide inventory funding to authorized passenger EV dealers in addition to bank funding to dealers for diesel and petrol models.
Making the announcement, Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said, “Our dealer network is a part of our main support pillars, and through their continuous effort, we are creating a wave of electric vehicles in India. Huh.” He added that the company is confident that through this tie-up, it will make EVs more accessible and the EV buying process a seamless and memorable experience for the customers.
