BNY Mellon has been selected by Essar Energy as the depositary bank for its American Depositary Receipt (ADR) program.
Each Essar Energy ADR represents two ordinary shares and trades over-the-counter (OTC) under the symbol ERERY.
As of 30 June 2011, Essar Energy reported $15bn worth of assets across its business’ two main divisions: Power, Oil and Gas.
Essar Energy CEO Naresh Nayyar said that this mandate is a key milestone in building market awareness of Essar Energy and opens up a new source of potential investors in their company.
BNY Mellon Depositary Receipts business CEO Michael Cole-Fontayn said that amid continuing global volatility, India’s rapid growth continues to draw US investor attention as it moves toward becoming the world’s third largest economy. They’ll work closely with Essar Energy’s management to assist them in accessing the important US investment community.