VSNL Becomes First Indian Public-Sector Company To List On The NYSE

Videsh Sanchar Nigam Limited (VSNL) began trading its shares on the New York Stock Exchange today as American Depositary Receipts (ADRs) under the ticker symbol VSL. VSNL is the sole international telecommunication-service provider and the largest Internet-service provider in India. With its listing on the NYSE, VSNL repeats history as it was also the first Indian public-sector company to raise capital through Global Depositary Receipts in 1997.

"We decided to list our shares on the New York Stock Exchange as part of our strategic vision of being a leading telecom service company in the international telecommunications segment," said S. K. Gupta, chairman and managing director of VSNL.

"We are thrilled that VSNL is the first public-sector company from India to list on the NYSE. It is a privilege for the NYSE to list one of the flagship companies in the Indian corporate sector and the first company from India's telecom sector," said NYSE Chairman and CEO Richard A. Grasso. "VSNL is renowned for its outstanding service. This transaction will also enhance India's image in the global market."

The NYSE is the world's premier equities market and currently has approximately 3,000 listed companies from 50 countries with a global market capitalization of $17.6 trillion that trade an average 1.02 billion shares daily. Among them, 416 are non U.S. companies that trade an average 95.6 million shares daily valued at $4.7 billion.