NEW YORK, Jan. 2, 2013 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of Open, Transparent and Connected financial marketplaces, today announced that Mahanagar Telephone Nigam Limited (OTCQX: MTENY), one of India's leading telecommunications companies, has chosen to have its Level 1 American Depositary Shares (ADSs) traded on OTCQX®, the qualified OTC marketplace with the highest financial standards and third-party sponsorship. The company previously traded on the New York Stock Exchange-Euronext.
Mahanagar Telephone Nigam will begin trading today on OTCQX International, a segment of the OTCQX marketplace reserved for high-quality non-U.S. companies listed on a qualified stock exchange in their home country. Investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
"OTCQX offers high-quality international companies easy access to U.S. investors without the duplicative regulatory costs and complexity of a traditional U.S. stock exchange listing," said R. Cromwell Coulson, President and CEO of OTC Markets Group. "We are pleased Mahanagar has chosen to join the other elite companies trading on OTCQX."
"We are proud to join OTCQX, the highest OTC marketplace," said S. R. Sayal, Company Secretary of Mahanagar Telephone Nigam. "The OTCQX marketplace enables us to continue to provide our U.S. investors with timely news, information and transparent trading without the burdens that accompany a U.S. exchange listing."
BNY Mellon will serve as Mahanagar Telephone Nigam's Principal American Liaison ("PAL") on OTCQX, responsible for providing professional guidance on OTCQX requirements and U.S. securities laws.
Mahanagar Telephone Nigam was established by the Government of India in 1986 to provide fixed line and other basic telecommunication services in Delhi and Mumbai. Since then it has become a leading telecommunications company in India.
Mahanagar Telephone Nigam trades in the U.S. on the OTCQX marketplace under the symbol "MTENY," where each ADS represents two ordinary shares.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates Open, Transparent and Connected financial marketplaces for 10,000 U.S. and global securities. Through our OTC Link® ATS, we directly link a diverse network of broker-dealers that provide liquidity and execution services for a wide spectrum of securities. We organize these securities into marketplaces to better inform investors of opportunities and risks – OTCQX® - The Intelligent Marketplace for the Best OTC Companies; OTCQB® - The Venture Marketplace; and OTC Pink® - The Open Marketplace. Our data-driven platform enables investors to easily trade through the broker of their choice at the best possible price and empowers a broad range of companies to improve the quality and availability of information for their investors. To learn more about how we create better informed and more efficient financial marketplaces, visit www.otcmarkets.com.
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SOURCE OTC Markets Group Inc.