Tata Motors Limited confirms that the voluntary delisting of its American Depositary Shares (ADS), representing ordinary shares of the company, from the New York Stock Exchange (NYSE) will become effective close of trading on the NYSE on January 23, 2023, via an exchange filing.
This follows the filing by the company of Form 25 with the Securities and Exchange Commission on January 13, 2023.
As a consequence of the delisting becoming effective, termination of the Amended and Restated Deposit Agreement, dated as of September 27, 2004, as amended by Amendment No. 1 to the Amended and Restated Deposit Agreement, dated as of December 16, 2009, by and among the company, Citibank, N.A. as Depositary, and the Holders and Beneficial Owners of the ADSs, will also become effective close of trading on the NYSE on January 23, 2023.
After January 23, 2023, there will be no over-the-counter market trading of the ADSs in the United States due to regulatory restrictions under Indian law.
The ADS holders can surrender their ADSs to the depositary in exchange for the underlying ordinary shares of the company at any time on or prior to July 24, 2023.
Starting on or about July 25, 2023, the depositary may sell the then remaining ordinary shares held on deposit upon the terms described in the notice of termination of ADS facility as provided for in the Deposit Agreement.
The above action has no impact on the current listing status or trading of the company’s equity shares on the BSE Limited and the National Stock Exchange of India Limited in India.
For the avoidance of doubt, the company is not making any offer to buy the ADSs or the underlying ordinary shares in any manner.
After the delisting becomes effective, the company will continue to be subject to the reporting obligations under the U.S. Securities Exchange Act of 1934 until such time as it can terminate its registration under the Exchange Act.
The company expects to satisfy the conditions for deregistration and file Form 15F with the Securities and Exchange Commission on or around January 24, 2024 to deregister the securities and to terminate its reporting obligations under the Exchange Act.
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