The Bank of New York Mellon, a global asset management and securities servicing firm, has been selected by The Tata Power Company as the depositary bank for its Global Depositary Receipt (GDR) program.
Reportedly, each Tata Power GDR represents one equity share. The GDRs are listed in Luxembourg Stock Exchange. However, The Tata Power GDRs and equity shares have not been registered under the US Securities Act of 1933 and may not be offered or sold in the US.
Mr. S. Ramakrishnan, executive director of finance, Tata Power, said: By offering investors an option to buy and trade Tata Power’s shares in GDR form, we look forward to attracting new investors to India’s growing utility segment and the potential trading volume on both markets.
