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Global Depositary Receipts

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Global Depositary Receipts

  2. 2. Depository Receipts ?????• Represents shares of Indian company trading on a foreign stock exchange.• Depository Receipts (DRs) are negotiable securities issued outside India by a Depository bank on behalf of an Indian company• DRs are traded on Stock Exchanges in the US, Singapore, Luxembourg, London, etc.• DR treated as FDI in India
  3. 3. GDR ????? A bank certificate issued in more than one country for shares in a foreign company. It is denominated in US $ or Euro’s or British Sterling It is very similar to ADR’s Its not for Indian investors
  4. 4. Statutory Requirement• A company can issue GDRs, if it is eligible to issue shares to person resident outside India under the FDI• For unlisted company
  5. 5. How Investor can buy GDRs ? Provide notification of local shares Deposit Shares settingLocal broker Local Depositoryor Company Depositor bank Foreign market Local market Investor
  6. 6. Chart of GDR’s Industry wise
  7. 7. Some Companies with GDRs GDR industry Date of Size of Shares GDR Companies issue GDR ( in per GDR issue million $ ) Price VSNL Tele. 24/3/1997 527 0.5 $ 13.93 million MTNL Tele. 4/12/1997 418.53 2.0 $ 11.95 million Ashok Autos 20/3/1995 125 3.0 $ 12.79 leyland million Ranbaxy Pharma. 20/6/1994 100 1.0 $ 19.98 Lab. million
  8. 8. Success of GDR - VSNL • VSNL successfully issued India’s largest-ever GDR offering in March 1997, raising about US $527 million. • The issue was listed on London Stock exchange and several times it was over subscribed . It reduced the govt. ownership in VSNL to 65 %