The Bank of New York has been selected by Mumbai-based Man Industries (India) Limited as depositary bank for its global depositary receipt (GDR) program.
Man Industries is a manufacturer of large-diameter SAW line pipes and coating systems for high-pressure applications to support the transportation of oil, gas and other petrochemical products.
Each Man Industries GDR represents one equity share of the company. The GDRs, which are the first listed on the Dubai International Financial Exchange (DIFX) by an Indian company, trade under the symbol “MAN.” The equity shares are listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited.
“As the leading depositary bank, we have unmatched experience with innovative DR transactions,” Christopher Sturdy, executive vice president and head of BNY’s Depositary Receipt Division. “We welcome the opportunity to serve Man Industries as its program brings DRs from an Indian company to the Dubai Exchange and look forward to supporting them as they expand their presence in the global markets.”