India’s MTNL selects the Bank of New York for its listed ADR program
State-owned Mahanagar Telephone Nigam Limited (MTNL) has selected the Bank of New York as depositary for its listed American depositary receipt (ADR) program.
One ADR represents two common shares and trades under the symbol “MTE” on the New York Stock Exchange. The company’s common shares trade on The Stock Exchange, Mumbai; the National Stock Exchange; and the Delhi, Calcutta and Madras stock exchanges in India.
Mahanagar Telephone Nigam Limited (MTNL) is a major telecommunications company providing basic phone, internet and cellular mobile telephony services in Delhi and Mumbai, establishing, maintaining and managing telecommunication facilities in these cities.
As of March 31, 2001, MTNL’s fixed-line telecommunications networks in Delhi and Mumbai had an aggregate of approximately 4.3 million working lines, or access lines in service. -(World IT Report)
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