IDRs are rupee-denominated and created by a domestic depository against the underlying equity shares of a foreign company.
Just as investors abroad can participate in Indian companies' issues through the American Depository Receipt and Global Depository Receipt route, Indian investors can now invest in foreign companies through the IDR. Standard Chartered Bank will be the first IDR issue, opening May 25.
In a circular issued recently, the RBI has directed all banks that have issued GDRs or ADRs to take prior consent of the RBI before amending any agreement
Private sector ICICI Bank on Friday said its board has approved additional 2 per cent increase stake in its asset management arm ICICI Prudential Asset Management Company. The board of the bank on Friday approved purchase of up to 2 per cent additional shareholding in the ICICI Prudential Asset Management Company, ICICI Bank said in a regulatory filing.
Securities and Exchange Board of India on Tuesday said it would introduce Indian depository receipts (on the lines of American Depository Receipts or Global Depository Receipts
The government has decided to do away with the various classifications of foreign investments for the purpose of calculating foreign investment in downstream companies.
The role of foreign investors in the Indian capital market is gaining significant momentum, as foreign stake in Indian companies has shown a sharp upturn in the quarter ended September 30, which saw net inflows of $12 billion.
Anil Ambani Group company, Reliance Communication Ventures Ltd said on Monday it will raise upto $1 billion through its Sponsored Global Depository Receipts and American Depository Receipts programme.
State-run gas firm Gas Authority (India) Ltd may list on the New York Stock Exchange or the Nasdaq by converting its global depository receipts into American depository receipts.
Debt-ridden telecom operator Vodafone Idea on Thursday said its board has approved raising of up to Rs 14,500 crore, including Rs 4,500 crore from promoter entities. An amount of Rs 10,000 crore would be raised by way of sale of equity or through debt instruments such as ADR, GDR and FCCBs. In a regulatory filing, the company said the board has cleared issuance of up to 338.3 crore equity shares of face value of Rs 10 each at an issue price of Rs 13.30 per equity share for an aggregate consideration of up to Rs 4,500 crore.
The Reserve Bank of India said on Sunday it would allow investors who sell their local shares to companies for conversion into ADRs and GDRs to keep the money from the sale in a foreign currency account.
As Prime Minister Narendra Modi begins his first ever US visit, India made a pitch for listing by American and other foreign companies on Indian exchanges under the newly proposed Bharat Depository Receipts.
Tata Motors Ltd has completed the public filing for listing the American Depository Receipts on the New York Stock Exchange.
US stock market indices may be performing better than India's popular benchmark Sensex, but individual Indian stocks have outshined their own American Depositary Receipts by up to 25 per cent in the past one year.
Indian firms, including Tata Steel, in the past have formed SPVs to acquire foreign companies to protect local operations and also to avoid legal hindrances. The SPV may be registered in a tax-haven country, like Mauritius or Bahamas, the sources said. The move to float an SPV will help Bharti Airtel to continue being listed on Indian stock exchanges, while MTN's promoters will be given a stake in the SPV.
The government would take a number of steps to energise and deepen the country's corporate bond as well as currency derivatives market.
Patni Computer Systems Ltd on Monday said it would raise up to $150 million additional capital by the issue of American Depository Receipts.
Anil Ambani group company Reliance Communication Ventures Ltd on Friday decided to offer stake worth up to Rs 4500 crore (Rs 45 billion) to international financial and strategic investors.
ICICI Bank has emerged as the single Indian entity considered worth investing by Libyan dictator Muammar Gaddafi and the investment has given an impressive return of over 25 per cent in past one year alone.
Indian shares listed on the American bourses settled mostly in the red, while Infosys defied the trend, after the New York Stock Exchange halted trading in Satyam Computer at its bourses.
Analysts say domestic banks' dependence on local depositors insulates them from the crisis.
The move, which requires approvals from the finance ministry and the Reserve Bank, will ensure that managements do not gain undue control over companies.
In a move to allow US investors to directly participate in India's equity markets, Chicago-based US Futures Exchange (USFE) will exclusively license the Bombay Stock Exchange's Sensex for US dollar-denominated futures trading beginning February 22 next year. At present, US investors can buy only a handful of Indian stocks listed on the New York and Nasdaq exchanges through an American Depository Receipt (ADR) authorisation.
India topped the global chart for total amount raised through American depository receipts (ADRs) this year (January-July), beating China and Taiwan.
The government is likely to sell 20 per cent of its equity in Bharat Petroleum Corporation Ltd in the overseas market while another 15 per cent stake would be offloaded in the domestic markets.
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