BNY Mellon has been appointed by Essar Energy, a low cost, integrated energy company focused on India, 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.” Essar Energy’s local shares trade on the London Stock Exchange (LSE) under the code “ESSR” and are a constituent of the FTSE 100 share index.
Essar Energy has $15 billion worth of assets across its business’ two main divisions: Power, which is focused on generation and transmission, and Oil and Gas, which includes exploration, production, refining and marketing.
“We are delighted to have an ADR program and to be traded on the U.S. OTC market,” said Naresh Nayyar, CEO of Essar Energy. “This is a key milestone in building market awareness of Essar Energy and opens up a new source of potential investors in our company.”
“Amid continuing global volatility, India’s rapid growth continues to draw U.S. investor attention as it moves toward becoming the world’s third largest economy,” said Michael Cole-Fontayn, CEO of BNY Mellon’s Depositary Receipts business. “We’ll work closely with Essar Energy’s management to assist them in accessing the important U.S. investment community.”
(JDC)