New Delhi, Dec 13: Mahanagar Telephone Nigam Ltd (MTNL) announced on Thursday it is likely to get listed on the New York Stock Exchange (NYSE) by mid-January, as all hurdles have been cleared."We have submitted all clarifications sought by the Securities and Exchange Commission (SEC) with regard to MTNL's accounting practices and other related information... we are hopeful of our scrip getting listed at NYSE around New Year time," S Sundaresan, Director (Finance), MTNL, told reporters here.
Asked about MTNL scrips' upward movement at bourses, MTNL chairman and managing director Narendra Sharma said it was due to various reasons, including their confidence building exercise of major investors.MTNL's scrip, which had touched a low of Rs 107 recently, was now ruling at Rs 185 at the stock exchange.
Mr Sharma also said that MTNL would come out with future business strategies, including rolling out of cellular services in Delhi and Mumbai.
In February this year, MTNL's Board had approved the listing of the company's stocks at NYSE by converting its Global Depository Receipts (GDRs) into American Depository Shares (ADS).
Following this, the company had appointed US accounting firm PricewaterHouseCoopers as its auditors, responsible for completing all formalities related to switching of MTNL accounts to the Generally Accepted Accounting Practices (GAAP).
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