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 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 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 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 (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 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 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

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

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 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 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 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 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--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
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 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 DRs ( By Amount of Capital Raised)

DR ISSUE EXCH PRICE DRs DR CAPITAL INDUSTRY

DATE PLACED RAISED (USD)
Tata Steel LSE 22-Jul-09 6,54,11,000 49,97,40,040 Indust.Metals&Mining
Larsen & Toubro LSE 13-Nov-07 40,00,000 40,00,00,000 Construct.&Materials
Tata Motors LUX 15-Oct-09 2,99,04,000 37,49,96,160 Industrial Engineer.
Tata Power LUX 27-Jul-09 1,48,38,110 33,50,44,524 Electricity
Indiabulls Financial Services LUX 10-May-07 2,29,70,903 29,99,99,993 Financial Services
Essar Oil -- 27-Apr-10 6,06,827 29,32,97,694 Oil & Gas Producers
Videocon Industries LUX 29-Sep-05 2,86,50,000 28,67,86,500 Oil & Gas Producers
Reliance Ports & Terminals -- 29-Nov-02 54,00,000 27,00,00,000 IndustrialTransport.
Essar Oil -- 28-May-10 4,65,967 22,50,01,485 Oil & Gas Producers
Axis Bank LSE 23-Jul-07 1,33,52,466 20,60,28,550 Banks
Sterling International Enter- LUX 15-Dec-09 2,11,63,267 20,12,62,669 Tech.Hardware&Equip.
prises
Cal's Refineries LUX 12-Dec-07 78,80,000 19,99,94,400 Oil & Gas Producers
Axis Bank LSE 16-Mar-05 3,01,89,907 17,84,22,350 Banks
Essar Oil -- 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 NON-US DR INDUSTRY

PLACED CAPITAL
RAISED
(USD)
S.E. Investments LUX 10-Mar-10 24,50,000 3,88,57,000 Financial Services
Teledata Technology Solutions LUX 12-Mar-10 35,37,505 3,69,66,927 Software&ComputerSvc
Birla Cotsyn LUX 15-Mar-10 96,89,000 2,49,97,620 General Industrials
Ashco Niulab Industries LUX 16-Apr-10 67,55,900 99,98,732 Pharma. & Biotech.
Essar Oil -- 27-Apr-10 6,06,827 29,32,97,694 Oil & Gas Producers
Kemrock Industries and Exports LUX 29-Apr-10 48,27,200 5,00,09,792 Construct.&Materials
SEL Manufacturing LUX 04-May-10 30,00,000 4,65,00,000 Personal Goods
KBS Capital Management LUX 19-May-10 12,50,000 24,37,500 Financial Services
Nissan Copper LUX 20-May-10 50,00,000 2,24,00,000 Indust.Metals&Mining
Hiran Orgochem LUX 21-May-10 15,38,462 1,00,00,003 Pharma. & Biotech.
Essar Oil -- 28-May-10 4,65,967 22,50,01,485 Oil & Gas Producers
Zenith Birla India LUX 28-May-10 18,11,902 2,29,93,036 Indust.Metals&Mining
Beckons Industries Limited LUX 14-Jun-10 24,92,640 1,05,43,867 Chemicals

Source : Bank of New York

Himanshu Ahire - GDR 16

 Top Indian GDR Issued

DR ISSUE
Tata Steel US$ 49,97,40,040
Larsen & Toubro US$ 40,00,00,000
Tata Motors US$ 37,49,96,160
Tata Power US$ 33,50,44,524
Indiabulls Financial Services US$ 29,99,99,993
Essar Oil US$ 29,32,97,694
Videocon Industries US$ 28,67,86,500
Reliance Ports & Terminals US$ 27,00,00,000
Essar Oil US$ 22,50,01,485
Axis Bank US$ 20,60,28,550
Sterling International Enterprises US$ 20,12,62,669
Cal's Refineries US$ 19,99,94,400
Axis Bank US$ 17,84,22,350
Essar Oil 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 US DRs US DR CAPI- INDUSTRY

DATE PLACED TAL RAISED
(USD)
ICICI Bank NYSE 25-Jun-07 4,99,49,238 2,45,99,99,972 Banks
Sterlite Industries NYSE 22-Jun-07 15,00,00,000 2,01,60,00,000 Indust.Metals&Mining
Infosys Technolo- NASDAQ 21-Nov-06 3,00,00,000 1,60,50,00,000 Software&ComputerSvc
gies
Sterlite Industries NYSE 17-Jul-09 13,19,06,011 1,60,26,58,034 Indust.Metals&Mining
Infosys Technolo- NASDAQ 09-May-05 1,40,00,000 88,36,80,000 Software&ComputerSvc
gies
HDFC Bank NYSE 17-Jul-07 65,94,504 60,73,53,818 Banks
ICICI Bank NYSE 17-Mar-05 2,20,87,850 46,62,74,514 Banks
ICICI Bank NYSE 06-Dec-05 1,61,90,000 43,30,82,500 Banks
Satyam Computer NYSE 11-May-05 1,50,00,000 32,25,00,000 Software&ComputerSvc
Services
HDFC Bank NYSE 20-Jan-05 76,41,365 29,99,99,990 Banks
WNS Holdings NYSE 25-Jul-06 1,27,63,708 25,52,74,160 Support Services
Dr. Reddy's Labora- NYSE 16-Nov-06 1,43,00,000 22,88,00,000 Pharma. & Biotech.
tories
HDFC Bank NYSE 25-Jul-01 1,24,72,884 17,24,99,986 Banks
Satyam Computer NYSE 18-May-01 1,66,75,000 16,19,14,250 Software&ComputerSvc
Services

Source : Bank of New York

Himanshu Ahire - GDR 17

 Top Indian Compaines ADR Capital Raised

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

Source: BNY Mellon Depository Receipts Annual Market Analysis 2009

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