India’s leading automotive manufacturer, Tata Motors today became the first company in the Indian engineering sector to list its securities on the New York Stock Exchange (NYSE). The company today listed its Depositary Shares Programme on the NYSE through the conversion of its existing International Global Depositary Shares (GDSs) into American Depositary Shares (ADSs). Ratan N. Tata, chairman, Tata Motors was in New York for the listing and rang the opening bell on the NYSE in the presence of senior officials of Tata Motors and the NYSE.

Speaking on the occasion of the listing, Mr Tata stated “It is a great privilege for us to be listed on the New York Stock Exchange, and we hope it will provide our overseas investors with greater opportunities to enhance their interest in the company. We are confident that the company will benefit from the capital market access that this listing provides, and from the adoption of the comprehensive corporate governance standards.”

As on date, there are 23.1 million outstanding ADSs, each representing one underlying ordinary share of the company. The ADSs in aggregate represent 6.4 per cent of the paid-up share capital of the company. The ADSs are fungible with the ordinary shares of the company up to the current permissible limits of 15.1 per cent of the company’s paid-up capital. The company’s shares are inter alia, listed on the Stock Exchange, Mumbai (BSE) and the National Stock Exchange of India Limited (NSE), and are included in the NIFTY index of the NSE and the BSE’s 30 Sensex. The company’s market capitalisation is around Rs15,000 crore (approx. US$ 3.3 billion). Subsequent to the NYSE listing, the GDS listing on the Luxembourg Stock Exchange would stand suspended.

The symbol for the company on the NYSE will be ‘TTM’ and Citibank NA is the depositary.

The company has adopted and will publish its financial results annually under US GAAP and Indian GAAP accounts.