May consider re-listing at NYSE post merger: Mahindra Satyam

Aug 10, 2011 |

Hyderabad

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Mahindra Satyam

Mahindra Satyam today said it may consider re-listing at the New York Stock Exchange (NYSE) after the process of merger with Tech Mahindra gets over.

Some minority shareholders have opposed the proposed merger of Mahindra Satyam and Tech Mahindra.

Replying to a query from a shareholder on deregistering ADS from NYSE, Mahindra Satyam Chairman Vineet Nayyar said in the annual general meeting held here today that the listing is not essential to get clients and contracts from USA.

"We will continue to have foreign exposure and foreign ownership even after deregistration. But at subsequent stages, after the merger, we will try our luck (for reconsidering listing on NYSE)," Nayyar said.

The city-based IT company yesterday unveiled plans to exit US stock market by 2012.

Throwing a surprise, Mahindra Satyam (brand identity of Satyam Computer Services) had said it would wind down its American Depository Shares (ADS) programme in 2012, as it was not able to meet US accounting norms.

Replying to another query on merger, Nayyar said the process will be objective, fair and transparent and it will be done as per Mahindra's culture.

"There are no vested interests. Valuers will be appointed on both sides and a valuation and a swap ratio will be determined by bankers...," he said.

The company raked in consolidated profit of Rs 225.2 crore on revenues of Rs 1,433.9 crore in June quarter. The firm, which is on a recovery path after being hit by one of the biggest corporate scandals, had a loss of Rs 327 crore in the previous January-March quarter.

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