India's second largest software services firm Infosys today announced its intention to voluntarily delist its American Depositary Shares (ADS) from Euronext Paris and Euronext London exchanges. The ADS of the Bengaluru-based firm will continue to be listed on the New York Stock Exchange (NYSE). It said 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 five-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 NYSE, Infosys said in a BSE filing. It began trading on these exchanges in February 2013. The proposed delisting is subject to approval from Euronext Paris SA and Euronext London Ltd, it added. 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, it said. Infosys said subject to the approval, a sales facility will be provided by the company to the holders of ADS trading on the said exchanges.
Those who opt for the sales facility will be able to sell their ADS on 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 NYSE. Until the completion of the proposed delisting, the ADS holders can continue to trade their ADS on the Euronext Paris and Euronext London exchanges, Infosys said.
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