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Thursday, May 20, 1999

MTNL may list shares on NYSE

PRESS TRUST OF INDIA  
NEW DELHI, MAY 19: State-owned Mahanagar Telephone Nigam Limited (MTNL) will approach the American Securities Exchange Commission (SEC) in four months' time for listing its stocks on the New York Stock Exchange (NYSE), a top company official said today.

"The company will approach SEC within three to four months for getting listed at the NYSE after fully adopting to the US GAAP (generally accepted accounting practices)," financial advisor of the company S D Saxena told PTI here.

He said the company did not know how long it would take to get clearance from the SEC which normally runs from a few months to a few years. A recent meeting of the board of directors of the company had discussed the issue while analysing the low levels of the company shares being traded on Indian stock exchanges.

Saxena said the company was in the process of adopting to US GAAP accounting system and moving of application to SEC depended on the latest annual report adopting to the GAAP.

The company has appointed a syndicate ofmerchant bankers for doing due diligence procedures and these bankers would be involved in the further procedures of the process, he added.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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