REG - SREI Inf Fin Ltd - Automatic termination of GDR program <Origin Href="QuoteRef">SREI.NS</Origin>

Srei Infrastructure FinanceAnnouncement

14/03/2016 07:00

RNS Number : 9175R
SREI Infrastructure Finance Limited
12 March 2016
SIFL/SECT/EA/15-16/241
March 11, 2016
To 
Financial Conduct Authority
25 N Colonnade
London E14 5HS
United Kingdom
Dear Sir/Ma'am,
Sub:Automatic termination of Global Depositary Receipt ("GDR") program and automatic cancellation of admission to official list of United Kingdom Listing Authority ("UKLA") and cancellation of trading and listing of GDRs on the Professional Securities Market ("PSM") of London Stock Exchange plc ("LSE")
Ref.: Automatic termination of International Deposit Agreement, executed between Srei Infrastructure Finance Limited ("the Issuer"), Deutsche Bank Trust Company Americas ("Depositary"), Holders, Owners and Beneficial Owners of International GDRs, and Rule 144A Deposit Agreement, executed between the Issuer, Depositary, Holders, Owners and Beneficial Owners of 144A GDRs, both dated April 18, 2005 ("Deposit Agreements") by not appointing replacement depositary in view of very low volume in trading of GDRs on the PSM oftheLSE, consequently, automatic termination of GDR program and automatic cancellation of trading and listing of GDRs on the PSM of the LSE 
With regard to the captioned matter, and in pursuance thereto, we hereby request you to cancel admission of GDRs to the official list of UKLA and also cancel the trading and listing of GDRs on the PSM of the LSE under LR 5.2.4 of the FCA Handbook, with effect from May 16, 2016. Please find below the information required by LR 5.3.1 of the FCA Handbook:
1. Name and registered office address of the Issuer:
Srei Infrastructure Finance Limited
Registered office address: 
Vishwakarma, 
86C, Topsia Road (South)
Kolkata - 700 046
West Bengal
www.srei.com
2. Securities subject to cancellation of listing and trading:
The GDRs are Regulation S GDRs and Rule 144A GDRs, each representing 4 (Four) equity shares in the equity share capital of the Issuer of Indian Rupees 10/- (Ten only) each in nominal value. The GDRs are currently traded on the PSM of the LSE as per the details given hereunder:
Type of GDR
ISIN Number
Symbol
Regulation S GDRs
US78465V2043
SRI
Rule 144A GDRs
US78465V1052
SRIA
3. Reasons for cancellation of listing and trading:
The Depositary to the GDRs traded on the PSM of the LSE, has resigned. As per the Deposit Agreements executed among Depositary, Issuer and the holders, owners and beneficial owners of GDRs, in the event Issuer opts not to appoint a replacement depositary in the place of resigning Depositary, then the Depositary shall terminate the Deposit Agreements and the GDR program. The Board of Directors of the Issuer at its meeting held on November 07, 2015, decided not to appoint a replacement depositary in the place of resigning depositary in view of extremely low trading volume of GDRs on the PSM of the LSE and insignificant number of GDRs admitted for listing on the official list of UKLA in relation to the total market capitalisation of the Company. Presently, there are 5,400 (Five Thousand Four Hundred) number of GDRs outstanding, aggregating to 21,600 (Twenty One Thousand Six Hundred) number of equity shares of the Issuer representing 0.004% of the paid up share capital of the Issuer.
In light of above, the Depositary sent a notice for the termination of Deposit Agreements and GDR program. Consequently, admission of GDRs to official list of UKLA needs to be cancelled and trading and listing of GDRs on the PSM of the LSE also needs to be cancelled.
4. Schedule of cancellation of listing and trading:
The cancellation of trading and listing of GDRs on the PSM of the LSE shall be effective from May 16, 2016 (the date of such delisting, the "Delisting Date").
From and including the Delisting Date, holders of GDRs will no longer be able to trade their GDRs on the PSM of the LSE. The GDRs will not be listed or traded anywhere after the Delisting Date.
5. The name and contact details of the person at the Issuer with whom Financial Conduct Authority should liaise:
Sandeep Lakhotia
Group Head & Company Secretary
Srei Infrastructure Finance Limited
CIN: L29219WB1985PLC055352
Vishwakarma, Kolkata, India
Tel. (D):+91 33 66023417
Mobile:+91 9836700220
Email: sandeeplakhotia@srei.com
Ritu P Bhojak
VP & Deputy Company Secretary
Srei Infrastructure Finance Limited
CIN: L29219WB1985PLC055352
Vishwakarma, Kolkata, India
Tel. (D):+91 33 66023503
Mobile:+91 9903993747
Email: ritu.bhojak@srei.com
6. Notices given to the holders of the GDR by the Depositary:
Please find enclosed herewith as Annex 1, copies of the notices, dated November 12, 2015 and March 07, 2016, issued by the Depositary to the holders of GDR, resigning as a Depositary for the GDR program, and termination of GDR program and the Deposit Agreements, respectively. As per the notice issued by the Depositary to the holders of GDR, termination of GDR program and the Deposit Agreements shall be effective from May 16, 2016.
7. Extract of the resolution of the Board of Directors of the Issuer:
Please find enclosed herewith as Annex 2, a certified true copy of resolution passed at the Board of Directors meeting of the Issuer held on November 07, 2015, consenting to the termination of Deposit Agreements and GDR program by the Depositary, and consequent cancellation of trading and listing of GDRs on the PSM of the LSE.
8. Notice by the Depositary terminating Deposit Agreements: 
The Issuer is relying on termination notice sent by the Depositary terminating the Deposit Agreements and GDR program vide its letters dated November 06, 2015 & February 15, 2016, which will be notified to RNS, and is attached hereto as Annex 3. 
9. Proposed Announcement to the RNS:
Please find attached herewith as Annex 4, an announcement proposed to be notified to RNS for cancellation of admission of GDRs to official list of UKLA and cancellation of trading and listing of GDRs on the PSM of the LSE.
Please feel free to revert if you need any clarifications or any other information.
Thanking you.
Yours faithfully,
For Srei Infrastructure Finance Limited
Sandeep Lakhotia
Company Secretary
FCS 7671
Encl. as above
Cc:
1. UK Listing Authority;
2. London Stock Exchange plc;
3. Depositary, Deutsche Bank Trust Company Americas; and
4. Custodian, ICICI Bank Limited.
Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/9175R_-2016-3-12.pdf
http://www.rns-pdf.londonstockexchange.com/rns/9175R_1-2016-3-12.pdf

This information is provided by RNS
The company news service from the London Stock Exchange
  END
MSCAKBDQABKKDND