Noida Toll Bridge fails to name successor depositary for GDR

Noida Toll Bridge Company today said it has not been able to appoint a successor depositary for its GDR facility and asked holders to convert their GDRs into shares.

"...the company announces that despite its best efforts, given the small size of its GDR programme, it has not been able to appoint a successor depositary in order to continue the current GDR facility," Noida Toll Bridge Company said.

The company has submitted to BSE a copy of the announcement made on the AIM segment of the London Stock Exchange on February 8 on termination of deposit agreement.

The company has now received a termination letter from Deutsche Bank Trust Co Americas, the current depositary, with the termination slated to take effect on or around May 4, whereupon the GDR facility will cease to exist.

"Prior to the date of termination, GDR holders may convert their GDRs into the underlying equity shares which are listed... in India," it said.

Otherwise, it said the depositary will sell the underlying shares of the company held by it and deliver the net proceeds in US dollars to the respective GDR holders.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)