The entity is part of Ruias-led conglomerate Essar group.
Essar Energy has launched “its sponsored level 1 ADR programme” and each ADR represents two ordinary shares of Essar Energy.
These ADRs are traded on the US Over-The-Counter market. “Essar Energy believes that the establishment of the ADR programme will benefit existing shareholders by making its shares more accessible to US investors and providing Essar Energy with increased visibility within the US market,” the statement noted.
“We are delighted to have an ADR programme and to be traded on the OTC market. This is a key milestone in building market awareness of Essar Energy and opens up a new source of potential investors in our company,” Essar Energy Chief Executive Officer Naresh Nayyar said.
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