Tata Motors Limited is due to terminate it’s ADR programme. The official link to the Citibank statement can be found here. The termination date for the ADR is January 23, 2023.
As a holder of Tata Motors Limited ADR, you have one of the two below options:
Maintain your holding in TATA Motors ADR to receive cash proceeds from the sale of the underlying shares in the Indian Market that make up your ADS.
This is expected after July 23, 2023.
Note 1 📃: This is the default option that will be applied to your account should you not close your position prior to the termination date.
Note 2 📃: Approximate effective rate of 43.68% will be applied to any cash proceeds (inclusive of Indian withholding tax, surcharge, and fees). The distribution of the sale proceeds may require a significant time to complete.
Liquidate holdings before January 23, 2023.
Due to the upcoming delisting, our custodian has placed restrictions limiting the shares to close-only. No buy orders can be placed.