NEW YORK, December 9, 2011 — BNY Mellon, the global leader in investment management and investment services, has been selected by Essar Energy plc 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 is a low-cost, integrated energy company focused on India. The company was created by combining the existing energy portfolio of the Essar Group, a diversified Indian business established over 40 years ago. As of June 30, 2011, Essar Energy reported $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."
BNY Mellon acts as depositary for more than 2,500 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Learn more at www.bnymellon.com/dr.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.9 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.7 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at www.bnymellon.com and through Twitter @bnymellon.
This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.