Global Depositary Receipts

Assignment One

Himanshu Ahire 13

Executive Full Time PGDM  ( 2009-2010 )

Trimester 4

Symbiosis Institute of Management Studies

Table of Contents

Introduction to Depository Receipts 3

Background 3

American Depository Receipts (ADR) 3

Structure of ADR 4

Level I 4

Level II 4

Level III 4

Global Depository Receipts ( GDR ) 5

GDR - A Financial Instrument 7

Sponsored Vs Unsponsored 7

Deposit Agreement 7

Custodian Bank 8

Structure 8

Reg S Type Depositary Receipts 8

Pairing Type 8

GDR Advantages to Issuer 9

GDR Advantages to Investors 10

Procedure for issue of GDR 11

GDR Market 12

GDR indexes 13

BNY Mellon GDR Index : 13

Skindia GDR Index 13

ADR Vs GDR 14

Himanshu Ahire - GDR 1

GDR Legal Framework in India 15

Depository Receipt Market Overview 16

Bibliography 21

Himanshu Ahire - GDR 2

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 company’s 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 for registering 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 US investors 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

Himanshu Ahire - GDR 3

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

buy and trade existing shares.

Structure of ADR

Level I

A Level I sponsored ADR 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 under Rule12g 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.

Level II

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 Stock Exchange (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 issuer and a depositary bank.

Level III

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 issuer to submit a Form F-1 to the SEC.

Himanshu Ahire - GDR 4

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 of another country

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 is trading.

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 of related shares.

GDRs are securities available in one or more markets outside the company’s 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 (LSE)

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 London and 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.

Himanshu Ahire - GDR 5

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 GDR’s 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 of countries 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 or elsewhere. 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 issuer

aims to tap the private placement or public US markets.

Himanshu Ahire - GDR 6

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

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, the Depositary

and the DR holders with respect to the creation and maintenance of the deposit facility. It

Reliance Industries

Deposit Agreement

Citibank

Citibank India/Custodian Bank

Issue Shares/Pay Fees

Citibank London/Depository Bank

Issue GDR in London Stock Exchange

Investors in London

Himanshu Ahire - GDR 7

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

underlying shares upon presentation 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 Deposit Agreement 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 underlying

corporate shares 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 per instructions 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, without instructions, 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 of GDRs – The Reg S Depositary Receipts and the pairing type.

Reg S Type Depositary Receipts

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.

Pairing Type

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

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

Himanshu Ahire - GDR 8

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 of ADRs / GDRs stand to gain

Widened Investor Base:

With the issue of ADRs / 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 compay can use these funds to fuel their expansion plans.

Global Visibility:

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 of ADRs / GDRs, Indian companies with the MNCs in their own turf.

Facilitates Market Entry:

Once a company has got itself recognised 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 of failure.

Himanshu Ahire - GDR 9

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 of GDRs 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

simpler for the investor to 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 can easily

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.

Himanshu Ahire - GDR 10

Procedure for issue of GDR

1. Approvals

The issue of ADRs/GDRs requires the

approvals of Board of Directors, Shareholders,

& Other regulatory authorities & Financial Institutions in Home County.

2. Appointment of Intermediaries

ADR/GDR normally involve a number of Intermediaries including

lead Manager, Co-Manager, Overseas Depository Banks, Listing Agent,

Legal Advisor, Printer, Auditors and Underwrites.

3. Principal Documentation

The principal documents required to be prepared

include subscription agreement, Depository Agreement,

Custodian Agreement, Agency Agreement and Trust Deed.

4. Pre and Post Launch

Additional Key Actions. Apart from obtaining necessary approvals,

Documentation, additional key actions necessary for Making the issue of ADR

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

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

Himanshu Ahire - GDR 11

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 investor turns 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 higher or 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 trading exchange.

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,

Himanshu Ahire - GDR 12

v.Hong Kong Stock Exchange.

Companies choose a particular exchange because it feels the investors of the exchange’s

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

international issues, or because the company’s 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 cheaper and faster to issue a GDR for those exchanges.

Many GDR issuers also issue privately placed ADRs 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 to register 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 information must be posted

on the company’s 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 and Africa), 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-à-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 popular GDR Indices worldwide.

Himanshu Ahire - GDR 13

ADR Vs GDR

India’s entry into the GDR market dates back to 1992 with Reliance’s $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 as under:

• 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 System Differences:

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 for listing on the LSE.

Himanshu Ahire - GDR 14

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 The Reserve Bank of India issued this notification on 20th January,

2000. It allows the issue of GDRs. 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 Promotion Board (FIPB)

or the Secretariat for Industrial Assistance (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 the sponsor

bank / brokerage towards their fees.

• The companies are permitted to make any payments to concerned government towards

any tax liability incurred as a result of issue 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 register of foreign members if the company

feels it necessary.

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

Act in the absence of any concrete provision regards GDRs.

Himanshu Ahire - GDR 15

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 DR’s ( By Amount of Capital Raised)

 DR ISSUE EXCH PRICE DATE

DRs PLACED

DR CAPITAL RAISED (USD)

INDUSTRY

Tata SteelLarsen & ToubroTata MotorsTata PowerIndiabulls Financial Services Essar OilVideocon IndustriesReliance Ports & TerminalsEssar OilAxis BankSterling International Enter-prisesCal's RefineriesAxis BankEssar Oil

LSE 22-Jul-09 6,54,11,000 49,97,40,040 Indust.Metals&MiningLSE 13-Nov-07 40,00,000 40,00,00,000 Construct.&MaterialsLUX 15-Oct-09 2,99,04,000 37,49,96,160 Industrial Engineer.LUX 27-Jul-09 1,48,38,110 33,50,44,524 ElectricityLUX 10-May-07 2,29,70,903 29,99,99,993 Financial Services-- 27-Apr-10 6,06,827 29,32,97,694 Oil & Gas ProducersLUX 29-Sep-05 2,86,50,000 28,67,86,500 Oil & Gas Producers-- 29-Nov-02 54,00,000 27,00,00,000 IndustrialTransport.-- 28-May-10 4,65,967 22,50,01,485 Oil & Gas ProducersLSE 23-Jul-07 1,33,52,466 20,60,28,550 BanksLUX 15-Dec-09 2,11,63,267 20,12,62,669 Tech.Hardware&Equip.

LUX 12-Dec-07 78,80,000 19,99,94,400 Oil & Gas ProducersLSE 16-Mar-05 3,01,89,907 17,84,22,350 Banks-- 31-Mar-08 2,23,706 17,07,86,109 Oil & Gas Producers

Source : Bank of New York

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

 DR ISSUE EXCH PRICE DATE NON-US DRs PLACED

NON-US DR CAPITAL RAISED (USD)

INDUSTRY

S.E. Investments Teledata Technology Solutions Birla Cotsyn Ashco Niulab Industries Essar Oil Kemrock Industries and Exports SEL Manufacturing KBS Capital Management Nissan Copper Hiran Orgochem Essar Oil Zenith Birla India Beckons Industries Limited

LUX 10-Mar-10 24,50,000 3,88,57,000 Financial ServicesLUX 12-Mar-10 35,37,505 3,69,66,927 Software&ComputerSvcLUX 15-Mar-10 96,89,000 2,49,97,620 General IndustrialsLUX 16-Apr-10 67,55,900 99,98,732 Pharma. & Biotech.-- 27-Apr-10 6,06,827 29,32,97,694 Oil & Gas ProducersLUX 29-Apr-10 48,27,200 5,00,09,792 Construct.&MaterialsLUX 04-May-10 30,00,000 4,65,00,000 Personal GoodsLUX 19-May-10 12,50,000 24,37,500 Financial ServicesLUX 20-May-10 50,00,000 2,24,00,000 Indust.Metals&MiningLUX 21-May-10 15,38,462 1,00,00,003 Pharma. & Biotech.-- 28-May-10 4,65,967 22,50,01,485 Oil & Gas ProducersLUX 28-May-10 18,11,902 2,29,93,036 Indust.Metals&MiningLUX 14-Jun-10 24,92,640 1,05,43,867 Chemicals

Source : Bank of New York

Himanshu Ahire - GDR 16

Top 15 Indian Companies to Raise capital through ADR

 DR ISSUE EXCH PRICE DATE

US DRs PLACED

US DR CAPI-TAL RAISED

(USD)

INDUSTRY

ICICI BankSterlite IndustriesInfosys Technolo-giesSterlite IndustriesInfosys Technolo-giesHDFC BankICICI BankICICI BankSatyam Computer ServicesHDFC BankWNS HoldingsDr. Reddy's Labora-toriesHDFC BankSatyam Computer Services

NYSE 25-Jun-07 4,99,49,238 2,45,99,99,972 BanksNYSE 22-Jun-07 15,00,00,000 2,01,60,00,000 Indust.Metals&MiningNASDAQ 21-Nov-06 3,00,00,000 1,60,50,00,000 Software&ComputerSvc

NYSE 17-Jul-09 13,19,06,011 1,60,26,58,034 Indust.Metals&MiningNASDAQ 09-May-05 1,40,00,000 88,36,80,000 Software&ComputerSvc

NYSE 17-Jul-07 65,94,504 60,73,53,818 BanksNYSE 17-Mar-05 2,20,87,850 46,62,74,514 BanksNYSE 06-Dec-05 1,61,90,000 43,30,82,500 BanksNYSE 11-May-05 1,50,00,000 32,25,00,000 Software&ComputerSvc

NYSE 20-Jan-05 76,41,365 29,99,99,990 BanksNYSE 25-Jul-06 1,27,63,708 25,52,74,160 Support ServicesNYSE 16-Nov-06 1,43,00,000 22,88,00,000 Pharma. & Biotech.

NYSE 25-Jul-01 1,24,72,884 17,24,99,986 BanksNYSE 18-May-01 1,66,75,000 16,19,14,250 Software&ComputerSvc

Source : Bank of New York

 DR ISSUE

Tata Steel

Larsen & Toubro

Tata Motors

Tata Power

Indiabulls Financial Services

Essar Oil

Videocon Industries

Reliance Ports & Terminals

Essar Oil

Axis Bank

Sterling International Enterprises

Cal's Refineries

Axis Bank

Essar Oil

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

US$ 17,07,86,109

US$ 17,84,22,350

US$ 19,99,94,400

US$ 20,12,62,669

US$ 20,60,28,550

US$ 22,50,01,485

US$ 27,00,00,000

US$ 28,67,86,500

US$ 29,32,97,694

US$ 29,99,99,993

US$ 33,50,44,524

US$ 37,49,96,160

US$ 40,00,00,000

US$ 49,97,40,040

Top Indian GDR Issued

Himanshu Ahire - GDR 17

Source: BNY Mellon Depository Receipts Annual Market Analysis 2009

ICICI Bank

Sterlite Industries

Infosys Technologies

Sterlite Industries

Infosys Technologies

HDFC Bank

ICICI Bank

ICICI Bank

Satyam Computer Services

HDFC Bank

WNS Holdings

Dr. Reddy's Laboratories

HDFC Bank

Satyam Computer Services

0 750000000 1500000000 2250000000 3000000000

Top Indian Compaines ADR Capital Raised

Himanshu Ahire - GDR 18

Source: BNY Mellon Depository Receipts Annual Market Analysis 2009

Source: BNY Mellon Depository Receipts Annual Market Analysis 2009

Himanshu Ahire - GDR 19

Source: BNY Mellon Depository Receipts Annual Market Analysis 2009

Himanshu Ahire - GDR 20

Bibliography

http://www.adrbnymellon.com/

http://www.exchange-handbook.co.uk/

https://www.adr.db.com/

http://thismatter.com/money/stocks/global-depositary-receipts.htm

http://www.skindia.com/

http://rbidocs.rbi.org.in/

Reports

BNY Mellon Annual Market Analysis Year 2009

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

Himanshu Ahire - GDR 21