33271415 GDR Global Depository Receipts

7/30/2019 33271415 GDR Global Depository Receipts

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G loba lDepos itary Rece ipts

SUBMITTED TO: DR.AJAY KUMAR

SUBMITTED BY: SAURAV SINGH

5TH YEAR,9TH SEMESTER


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ROLL NO:261

Tableo

fContents

IntroductiontoDepository Receipts 3

Background 3

AmericanDepository Receipts (ADR) 3

Structure ofADR 4

LevelI

4

LevelII 4LevelIII 4

GlobalDepository Receipts ( GDR ) 5

GDR -AFinancial Instrument 7

SponsoredVsUnsponsored 7

DepositAgreement 7

Custodian Bank 8

Structure 8

RegSTypeDepositaryReceipts 8PairingType 8

GDR AdvantagestoIssuer 9

GDR AdvantagestoInvestors 10

Procedure forissue of GDR 11

GDR Market 12

GDR indexes 13

BNY MellonGDR Index : 13

Skindia GDR Index 13

ADRVs GDR 14

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GDR Legal Frameworkin India 15

DepositoryReceiptMarketOverview 16

Bibliography 21

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Introduction to Depository Receipts

Depositary receipts (DRs) are certificates that represent an ownership interest in the

ordinary shares of stock of a company, but that are marketed outside of the companys

home country to increase its visibility in the world market and to access a greater amount

of investment capital in other countries.

Depositary receipts are structured to resemble typical stocks on the exchanges that they

trade so that foreigners can buy an interest in the company without worrying about

differences in currency, accounting practices, or language barriers, or be concerned

about the other risks in investing in foreign stock directly.

Background

Historically, American Depositary Receipts (ADRs) were the first type of depositary receipt

to evolve. They were introduced in 1927 in response to a law passed in Britain, which

prohibited British companies from registering shares overseas without a British-based

transfer agent. UK shares were not allowed physically to leave the UK, and so, to

accommodate US investor demand, a US instrument had to be created; this was

called an American Depositary Receipt.

ADRs assumed their present form in 1955, when the Securities and Exchange Commission

(SEC) established its Form S-12 forregistering all depositary receipt programs. Form S-12

was later replaced by Form F-6, which is still in use today.

American Depository Receipts (ADR)

ADRs are US dollar denominated negotiable instruments issued in the US by a

depositary bank (eg Deutsche Bank), representing ownership in non-US securities, usually

referred to as the underlying ordinary shares. ADRs enable USinvestors to acquire and trade non-US securities denominated in US dollars without

concern for the differing settlement timetables and the problems typically associated with

overseas markets. They also provide non-US companies with access to the

US capital markets, the largest domestic investor base in the world.

There are several types of ADR, each of which involves a different level of disclosure of

information and compliance with the regulations of the SEC. But perhaps the most important

distinction for issuers of ADRs is that some structures allow the company to raise capital

in

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the US, while others simply provide a mechanism which makes it easy for US investors to

buy and trade existing shares.

Structure of ADR

LevelI

A Level I sponsoredADR program is the easiest and least expensive means for a company

to provide for issuance of its shares in ADR form in the US. A Level I program involves the

filing of an F-6 registration statement, but allows for exemption underRule12g 3-2(b) from

full SEC reporting requirements. The issuer has a certain amount of control over the

ADRs issued under a sponsored Level I program, since a depositary agreement is

executed between the issuer and one selected depositary bank. Level I ADRs can

however only be traded over- the-counter and cannot be listed on a national

exchange in the US.

LevelII

A sponsored Level II ADR must comply with the SEC's full registration and reporting

requirements. In addition to filing an F-6 registration statement, the issuer is also required

to file SEC Form 20-F and to comply with the SEC's other disclosure rules,

including submission of its annual report which must be prepared in accordance with US

Generally Accepted Accounting Principles (GAAP). Registration allows the issuer to list its

ADRs on one of the three major national stock exchanges, namely the New York StockExchange (NYSE), the American Stock Exchange (AMEX), or the National Association of

Securities Dealers Automated Quotation (NASDAQ) Stock Market, each of which has

reporting and disclosure requirements. Level II sponsored programs are initiated by non-

US companies to give US investors access to their stock in the US. As with a

Level I program, a depositary agreement is signed between the issuerand a depositary

bank.

LevelIII

Level III sponsored ADRs are similar to Level II ADRs in that the issuer initiates the

program, deals with one depositary bank, lists on one of the major US exchanges, and

files Form F-6 and 20-F registration statements with the SEC. The major difference is

that a Level III program allows the issuer to raise capital through a public offering of

ADRs in the US and this requires the issuerto submit a Form F-1 to the SEC.


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Global Depository Receipts ( GDR )

A negotiable certificate held in the bank of one country representing a specific number of

shares of a stock traded on an exchange ofanothercountry

To raise money in more than one market, some corporations use global depositary receipts

(GDRs) to sell their stock on markets in countries other than the one where they have

their headquarters.

The GDRs are issued in the currency of the country where the stock istrading.

For example, a Indian company might offer GDRs priced in pounds in London and in yen

in Tokyo. Individual investors in the countries where the GDRs are issued buy them to

diversify into international markets. GDRs let you do this without having to deal with

currency conversion and other complications of overseas investing. The objective of a

GDR is to enable investors in developed markets, who would not necessarily feel

happy buying emerging market securities directly in the securities home market, to

gain economic exposure to the intended company and, indeed, the overall emerging

economy using the procedures with which they are familiar.

Global Depository Receipt (GDR) - certificate issued by international bank, which can be

subject of worldwide circulation on capital markets. GDR's are emitted by banks, which

purchase shares of foreign companies and deposit it on the accounts. Global Depository

Receipt facilitates trade of shares, especially those from emerging markets. Prices of

GDR's are often close to values ofrelated shares.

GDRs are securities available in one or more markets outside the companys home

country. The basic advantage of the GDRs, compared to the ADRs, is that they allow the

issuer to raise capital on two or more markets simultaneously, which increases his

shareholder base. They gained popularity also due to the flexibility of their structure.

GDRs are typically denominated in USD, but can also be denominated in Euros. GDRs are

commonly listed on European stock exchanges, such as the London Stock Exchange

or Luxembourg Stock Exchange, or quoted on SEAQ (Stock Exchange Automated

Quotations) International, and traded at two other places besides the place of listing, e.g.

on the OTC market in Londonand on the private placement market in the US. Large part of

the GDR programs consists of a US tranche, which is privately placed and a non-US

tranche that is sold to investors outside the United States, typically in the Euro markets.

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A GDR is similar to an ADR, but is a depositary receipt sold outside of the United States

and outside of the home country of the issuing company. Most GDRs are, regardless of

the geographic market, denominated in United States dollars, although some trade in

Euros or British sterling. There are more than 900 GDRs listed on exchanges worldwide,

with more than 2,100 issuers from 80 countries.

Although ADRs were the most prevalent form of depositary receipts, the number of GDRs

has recently surpassed ADRs because of the lower expense and time savings in issuing

GDRs, especially on the London and Luxembourg stock exchanges.

In the last few years, the depositary receipt concept has developed considerably. Issuers in

a variety ofcountries have realized that there are advantages in making their stock available

in a form convenient not only to US investors but also, or alternatively, to investors in

the Euromarkets orelsewhere. This has prompted the development of European

Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs).

The EDR accesses the Euromarkets but not the US market. It settles and trades through

the Euromarket clearing systems, Euroclear and Clearstream, and may be listed on a

European Stock Exchange, normally London or Luxembourg.

A GDR will access two or more markets, usually the Euromarkets (like an EDR) and the US

(like an ADR). GDRs are often launched for capital raising purposes, so the US

element is generally either a Rule 144(a) ADR or a Level III ADR, depending on whether

the issueraims to tap the private placement or public US markets.

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GDR - A Financial Instrument

A GDR is issued and administered by a depositary bank for the corporate issuer. The

depositary bank is usually located, or has branches, in the countries in which the GDR will

be traded. The largest depositary banks in the United States are JP Morgan, the Bank of

New York Mellon, and Citibank.

Sponsored Vs Unsponsored

DR programmes are either "sponsored" by an issuing company or "unsponsored". If a

company sponsors a DR programme, it enters into a contractual agreement with the

depositary bank (and, in the case of an American Depositary Receipt programme

governed by US-law, also with the holders of the ADRs). This contractual agreement is

known as the "deposit agreement".

Example

DepositAgreement

Reliance Industries Citibank

Issue Shares/Pay Fees

Citibank India/Custodian Bank

Citibank London/Depository Bank

Issue GDR in London Stock Exchange

Investors in London

Deposit Agreement

A GDR which is based on a Deposit Agreement between the depositary bank and the

corporate issuer, specifies the duties and rights of each party, both to the other party and

to the investors.

The Deposit Agreement sets out the rights and obligations of the Company, theDepositary and the DR holders with respect to the creation and maintenance of the

deposit facility. It

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covers such matters as the issuance of DRs upon deposit of shares (and the withdrawal

of underlying shares upon presentat ion of DRs), the treatment of dividends and

other distributions, the procedure for voting the underlying shares, and how the deposit

agreement can be amended or terminated. Generally, the Company agrees to indemnify

the Depositary for liabilities arising in connection with the programme. The DepositAgreement also specifies the fees the Depositary will charge DR holders.

Custodian Bank

A separate custodian bank holds the company shares that underlie the GDR. The

depositary bank buys the company shares and deposits the shares in the custodian bank,

then issues the GDRs representing an ownership interest in the shares. The DR shares

actually bought or sold are called depositary shares.

The custodian bank is located in the home country of the issuer and holds the underlyingcorporateshares of the GDR for safekeeping. The custodian bank is generally selected by

the depositary bank rather than the issuer, and collects and remits dividends and

forwards notices received from the issuer to the depositary bank, which then sends them

to the GDR holders. The custodian bank also increases or decreases the number of

company shares held perinstructions from the depositary bank.

The voting provisions in most deposit agreements stipulate that the depositary bank will

vote the shares of a GDR holder according to his instructions; otherwise, withoutinstructions, the depositary bank will not vote the shares

Structure

The most significant difference between the ADR and GDR lies in their structures. There

are two types ofGDRs The Reg S Depositary Receipts and the pairing type.

Reg S Type DepositaryReceipts

The Reg S Type Depositary Receipt is the equivalent of the ADR. It is issued to the

public through a sponsor bank / brokerage. Once issued, this GDR is listed on

either the Luxembourg Stock Exchange or the London Stock Exchange. This type of a GDR

is open for every kind of investor. Unlike ADRs, where each type of ADR determines the

investors that can trade it, the Reg S type GDR can be traded from any kind of investor

to any kind of investor.

PairingType

This GDR is a combination of the Reg S type GDR and a Rule 144A ADR. So when onesuch

GDR is sold, it essentially implies the sale of a Reg S type GDR along with a Rule 144AADR.


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The Reg S type GDR may be listed either in London or Luxembourg. The holders of

these GDRs will be regular investors. However, the Rule 144A ADRs are privately placed

through Qualified Institutional Buyers in the U.S.

The biggest reason for such a program being subscribed to is the fact that such a

program enables the issuing company to raise funds not just from the U.S. and not just

from Europe, but from both markets simultaneously.

GDR Advantages to Issuer

GDRs have several benefits to offer to both issuers as well as the investors. Listed below

are the various ways in which the issuers ofADRs / GDRs stand to gain

Widened Investor Base:

With the issue ofADRs / GDRs, Indian companies can expand their investor base to

beyond the borders of the country. Further, this facilitates the company to diversify their

investors.

Increased Liquidity:

As in the case of any issue, the issue of ADRs / GDRs will increase the liquid position of

the company. The company can use these funds to fuel theirexpansion plans.

GlobalVisibility:

Entering the depositary receipts market would result in the issuing company becoming

globally visible. This enables Indian companies to enhance their reputation not just

amongst foreign investors, but also amongst domestic investors.

Price Parity:

Indian companies can compete to be at par with MNCs with regards to their stock prices.

With the issue ofADRs / GDRs, Indian companies with the MNCs in their own turf.

Facilitates Market Entry:

Once a company has got itself recognized and accepted by the investors, Indian

companies can set up shop abroad with far lesser difficulty. In fact, some of the India

companies have issued ADRs / GDRs not just to raise funds, but also to establish their

brand in the country. In this manner, they can enter foreign market with a lesser risk offailure.


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GDR Advantages to Investors

GDRs have several benefits to offer to both issuers as well as the investors. Listed below

are the various ways in which the issuers ofGDRs stand to gain

Ease of Investment:

GDRs are very easy to invest in and hold. They are treated like just other securities.

Hence, there is no complicated procedure involved in the purchase of a GDR.

Simple to Trade:

Since GDR is given the same treatment as local securities, it becomes that much easier

and simplerfor the investorto trade in GDRs.

Global Access:

GDRs provide the investors opportunities to invest globally. This permits them to invest in

foreign companies without having to transfer funds out of the country. Further, investors

can diversify the industries into which they wish to invest.

Enables Comparison:

Owing to the fact that all transactions take place in their home country, investors caneasily compare their investments in GDRs as against their investments in other local

securities. This is also made possible with the transactions taking place electronically.

Access to Institutional Investors:

GDRs offer the institutional investors an opportunity to hold securities which they are not

permitted to hold in the home country of the GDR issuing company.

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Procedure for issue of GDR

1. Approvals

The issue ofADRs/GDRs requires the

approvals ofBoard ofDirectors, Shareholders,

& Otherregulatory authorities & Financial Institutions in Home County.

2. Appointment of Intermediaries

ADR/GDR normally involve a number ofIntermediaries including

lead Manager, Co-Manager, Overseas Depository Banks, ListingAgent,

LegalAdvisor, Printer,Auditors and Underwrites.

3. Principal Documentation

The principal documents required to be prepared

include subscription agreement, Depository Agreement,

CustodianAgreement,AgencyAgreement and TrustDeed.

4. Pre and Post Launch

Additional Key Actions. Apart from obtaining necessary approvals,

Documentation,additional key actions necessary for Making the issue ofADR

GDR a success, include Timing, pricing and size of the issue

Book Building and pricing of the issue Closing of the issue & Allotment

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GDR Market

As derivatives, depositary receipts can be created or canceled depending on supply and

demand. When shares are created, more corporate stock of the issuer is purchased and

placed in the custodian bank in the account of the depositary bank, which then issues

new GDRs based on the newly acquired shares. When shares are canceled, the investorturns in the shares to the depositary bank, which then cancels the GDRs and instructs the

custodian bank to transfer the shares to the GDR investor. The ability to create or cancel

depositary shares keeps the depositary share price in line with the corporate stock price,

since any differences will be eliminated through arbitrage.

The price of a GDR primarily depends on its depositary ratio (aka DR ratio), which is the

number of GDRs to the underlying shares, which can range widely depending on how

the GDR is priced in relation to the underlying shares; 1 GDR may represent an

ownership interest in many shares of corporate stock or fractional shares, depending on

whether the GDR is priced higheror lower than corporate shares.

Most GDRs are priced so that they are competitive with shares of like companies trading

on the same exchanges as the GDRs. Typically; GDR prices range from $7 - $20. If the

GDR price moves too far from the optimum range, more GDRs will either be created or

canceled to bring the GDR price back within the optimum range determined by the

depositary bank. Hence, more GDRs will be created to meet increasing demand or more

will be canceled if demand is lacking or the price of the underlying company shares rises

significantly.

Most of the factors governing GDR prices are the same that affects stocks: company

fundamentals and track record, relative valuations and analysts recommendations, and

market conditions. The international status of the company is also a major factor.

On most exchanges GDRs trade just like stocks, and also have a T+3 settlement time in

most jurisdictions, where a trade must be settled in 3 business days of the tradingexchange.

The exchanges on which the GDR trades are chosen by the

company. Currently, the stock exchanges trading GDRs are the:

i. London Stock Exchange,

ii. Luxembourg Stock

Exchange,

iii.Dubai International Financial Exchange (DIFX),

iv.Singapore Stock Exchange,


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v.Hong Kong Stock Exchange.

Companies choose a particular exchange because it feels the investors of the exchanges

country know the company better, because the country has a larger investor base for

international issues, or because the companys peers are represented on the exchange.

Most GDRs trade on the London or Luxembourg exchanges because they were the 1st

to list GDRs and because it is cheaperand fasterto issue a GDR for those exchanges.

Many GDR issuers also issue privately placedADRs to tap institutional investors in the United

States. The market for a GDR program is broadened by including a 144A private

placement offering to Qualified Institutional Investors in the United States. An offering based

on SEC Rule 144A eliminates the need toregister the offering under United States security

laws, thus saving both time and expense. However, a 144A offering must, under Rule

12g3-2(b), provide a home country disclosure in English to the SEC or the informationmust be posted on the companys website.

GDR indexes

BNY Mellon GDR Index:

For global depositary receipt (GDR) investors, BNY Mellon GDR Index is an ideal

benchmarking tool as it is the only index that tracks all GDRs traded on The London Stock

Exchange. BNY Mellon GDR Index is calculated on a continuous basis throughout the

trading day - beginning with the open of the U.K. market through its close.In addition to

the Bank's Composite GDR Index, there are six regional indices (Eastern Europe, MENA,

Eastern Europe x- Russia, Asia, Middle East andAfrica), one market index (Emerging) and 23

country indices.

Skindia GDR Index

Indian GDRs traded on international bourses are governed by parameters specific to the

market in which they are traded, making their prices unique. To capture their movement

and performance, it is necessary to develop reliable market indicators which can be used

as a tool by investors for measuring their portfolio returns vis--vis market returns. In

response to this need, Skindia Finance pioneered a GDR index which became popularly

known as the

'Skindia GDR Index'.

The base of the Skindia GDR Index is April 15, 1994 with the index set consisting of 22

actively traded GDRs. The Index, a market value weighted index (total number of GDRs

issued multiplied by GDR price), is one of the most popularGDR Indices worldwide.


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ADR Vs GDR

Indias entry into the GDR market dates back to 1992 with Reliances $150 million issue.

Indian companies were hesitant to enter the ADR market until 2000, when the Reserve

Bank of India issued clearly defined guidelines. Apart from this, there are several other

reasons for most Indian companies preference towards the GDR market. They are listed asunder:

Disclosure

norms:

Companies listed on any of the American stock exchanges are required to adhere to

comprehensive disclosure norms. They have to disclose information relating not just to

the ADR, but also detailed financial and non financial information regarding the company.

In contrast, the London Stock Exchange (where all of the Indian companies are listed)

requires disclosure of only that information which relates to GDRs being issued.

Voting

Rights:

American rules make it a necessity for ADR holders to be given voting rights. The

London Stock Exchange (LSE) makes no such demand. Although companies wishing to

give such voting rights are permitted to do so, they are not compelled to give these rights

Accounting SystemDifferences:

Both U.S. and England follow accounting systems that differ from the Indian system. The

Securities and Exchange Commission (SEC) makes it compulsory for companies issuing

ADRs either to prepare their accounts under US GAAP or reconcile the accounts to US

GAAP. The LSE, on the other hand, is satisfied with a Statement of difference between

the English accounting system and the Indian system.

Initial Listing Costs:

There is a significant difference in the initial listing costs of listing in the U.S. and listing on

the LSE. A U.S. listing could cost the issuing company anywhere between $1 - $2 million.

These costs are down to about $200,000 - $400,000 forlisting on the LSE.


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GDR Legal Framework in India

In India, GDRs are governed by the same notification issued for ADRs. Notification No.

F.E.R.A. 214 /2000-RB t h e Reserve Bank of India issued this notification on 20th

January,

2000. It allows the issue ofGDRs. The following points highlight the essence of this

notification:

All companies governed by the Indian Companies Act, 1956, are permitted to raise

funds through the issue of GDRs

The permission, however, shall stand to be cancelled if the company raising funds

violates any norms or exceeds any limits laid down by the Foreign Investment PromotionBoard (FIPB) or the Secretariat for IndustrialAssistance (SIA).

The company has to get approval from the Ministry of Finance, Government of India, to

make such an issue.

The company is permitted to enter into any agreement / sign any contract with foreign

agencies provided that such a contract is essential for the issue of GDRs.

The companies are allowed to make payments to the relevant authorities and thesponsor bank / brokerage towards their fees.

The companies are permitted to make any payments to concerned government

towards any tax liability incurred as a result ofissue of GDRs

The companies are allowed to maintain bank accounts abroad to deposit the money

collected through such an issue.

The companies are also permitted to maintain a registerof foreign members if the

company feels it necessary.

This notification cleared a lot of ambiguities that existed in the Foreign ExchangeRegulation

Act in the absence of any concrete provision regardsGDRs.


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Depository Receipt Market Overview

Currently there are around 182 indian companies who has raised capital through ADR/GDR

in foreign markets.

Top 15 Indian Companies to Raised Non-US DRs ( By Amount of Capital Raised)

DR ISSUE EXCH

PRI

CE

DRs

DR

CAPITAL

INDUSTRY

Tata Steel LSE 22-Jul- 6,54,11,0 49,97,40,0 Indust.Metals&Mini

Larsen & Toubro LSE 13-Nov- 40,00,0 40,00,00,0 Construct.&Material

Tata Motors LUX 15-Oct- 2,99,04,0 37,49,96,1 Industrial Engineer.

Tata Power LUX 27-Jul- 1,48,38,1 33,50,44,5 Electricity

Indiabulls Financial Services LUX 10-May- 2,29,70,9 29,99,99,9 Financial Services

Essar Oil -- 27-Apr- 6,06,8 29,32,97,6 Oil & Gas

Videocon Industries LUX 29-Sep- 2,86,50,0 28,67,86,5 Oil & Gas

Reliance Ports & Terminals -- 29-Nov- 54,00,0 27,00,00,0 IndustrialTransport.

Essar Oil -- 28-May- 4,65,9 22,50,01,4 Oil & Gas

Axis Bank LSE 23-Jul- 1,33,52,4 20,60,28,5 Banks

Sterling International

Enter- prises

LUX 15-Dec-09

2,11,63,267

20,12,62,669

Tech.Hardware&Equip

Cal's Refineries LUX 12-Dec- 78,80,0 19,99,94,4 Oil & Gas

Axis Bank LSE 16-Mar- 3,01,89,9 17,84,22,3 Banks

Essar Oil -- 31-Mar- 2,23,7 17,07,86,1 Oil & Gas

Source : Bank of New York

Most Recent (Year 2010) Indian Company DR Placement ( No-US)

DRISSUE

EXCH

PRICEDATE

NON-USDRs

PLACED

NON-US

DR

CAPITAL

RAISED

INDUSTRY

S.E. Investments LUX 10-Mar- 24,50,0 3,88,57,0 Financial

Teledata Technology Solutions LUX 12-Mar- 35,37,5 3,69,66,9 Software&Co

Birla Cotsyn LUX 15-Mar- 96,89,0 2,49,97,6 General

Ashco Niulab Industries LUX 16-Apr- 67,55,9 99,98,7 Pharma. &

Essar Oil -- 27-Apr- 6,06,8 29,32,97,6 Oil & Gas

Kemrock Industries and Exports LUX 29-Apr- 48,27,2 5,00,09,7 Construct.&

SEL Manufacturing LUX 04-May- 30,00,0 4,65,00,0 Personal

KBS Capital Management LUX 19-May- 12,50,0 24,37,5 Financial

Nissan Copper LUX 20-May- 50,00,0 2,24,00,0 Indust.Metal

Hiran Orgochem LUX 21-May- 15,38,4 1,00,00,0 Pharma. &

Essar Oil -- 28-May- 4,65,9 22,50,01,4 Oil & Gas

Zenith Birla India LUX 28-May- 18,11,9 2,29,93,0 Indust.Metal

Beckons Industries Limited LUX 14-Jun- 24,92,6 1,05,43,8 Chemicals


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Top Indian GDR Issued

DR ISSUE

Tata Steel

Larsen &

Toubro TataMotors Tata

Power

Indiabulls Financial Services

EssarOil

Videocon Industries

Reliance Ports & Terminals

EssarOil

Axis Bank

Sterling International Enterprises

Cal's Refineries

Axis Bank

EssarOil

US$ 49,97,40,040

US$ 40,00,00,000

US$ 37,49,96,160

US$ 33,50,44,524

US$ 29,99,99,993

US$ 29,32,97,694

US$ 28,67,86,500

US$ 27,00,00,000

US$ 22,50,01,485

US$ 20,60,28,550

US$ 20,12,62,669

US$ 19,99,94,400US$ 17,84,22,350

US$ 17,07,86,109

0 12,50,00,000 25,00,00,000 37,50,00,000 50,00,00,000

Top 15 Indian Companies to Raise capital through ADR

DR ISSUE EXCH

PRICE

DA

US DRsPLACED

US DRCAPI- TAL

RAISED

INDUSTRY

ICICI Bank NYSE 25-Jun- 4,99,49,2 2,45,99,99,9 Banks

Sterlite Industries NYSE 22-Jun- 15,00,00,0 2,01,60,00,0 Indust.Metals&Mining

Infosys

Technolo- gies

NASDAQ

21-Nov-06

3,00,00,000

1,60,50,00,000

Software&ComputerSvc

Sterlite Industries NYSE 17-Jul- 13,19,06,0 1,60,26,58,0 Indust.Metals&Mining

Infosys

Technolo- gies

NASDAQ

09-May-05

1,40,00,000

88,36,80,000


HDFC Bank NYSE 17-Jul- 65,94,5 60,73,53,8 Banks

ICICI Bank NYSE 17-Mar- 2,20,87,8 46,62,74,5 BanksICICI Bank NYSE 06-Dec- 1,61,90,0 43,30,82,5 Banks

Satyam Computer

Services

NYSE 11-May-05

1,50,00,000

32,25,00,000


HDFC Bank NYSE 20-Jan- 76,41,3 29,99,99,9 Banks

WNS Holdings NYSE 25-Jul- 1,27,63,7 25,52,74,1 Support Services

Dr. Reddy's

Labora- tories

NYSE 16-Nov-06

1,43,00,000

22,88,00,000

Pharma. & Biotech.

HDFC Bank NYSE 25-Jul- 1,24,72,8 17,24,99,9 Banks

Satyam Computer

Services

NYSE 18-May-01

1,66,75,000

16,19,14,250



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Top Indian Compaines ADR Capital Raised

ICICI Bank

Sterlite Industries

Infosys Technologies

Sterlite Industries

Infosys Technologies

HDFC Bank

ICICI Bank

ICICI Bank

Satyam ComputerServices

HDFC Bank

WNS Holdings

Dr. Reddy's Laboratories

HDFC Bank

Satyam ComputerServices

0 750000000 1500000000 2250000000 3000000000

Source: BNY Mellon Depository Receipts Annual MarketAnalysis 2009

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HimanshuAhire - GDR 19


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Bibliography

http://ww w.adrbnymellon.com/

http://ww w.exchange-handbook.co.uk/

https://ww w.adr.db.com/

http://thismatter.com/money/stocks/global-depositaryreceipts.htm

http://ww w.skindia.com/

http://rbidocs.rbi.o r g.in/

Reports

BNY Mellon Annual MarketAnalysis Year2009

BNY Mellon DR Directory Reports

RBI Notifications

Deutche Bank GDR HandBook

BNY Mellon GDR Index Overview

Skindia GDR Index

GDR Hand Book Chris Prior-Willeard, Bank of New York

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33271415 GDR Global Depository Receipts

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Transcript of 33271415 GDR Global Depository Receipts