Depository Receipts (ADR, GDR, IDR) - CA Final SFM (New Syllabus) Classes & Video Lectures
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- čas přidán 25. 10. 2018
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Raising funds by an Indian Company through ADR:
- Deposit of the securities of an Indian company with a custodian bank (agent of the depositary) in India.
- The custodian bank makes acknowledgement of deposits to the depository in the US.
- The depository in the US then issues the ADRs to the investors in the US.
- The US$ receipts in the hands of the depository are passed on to the Indian Company issuing shares.
American Depository Receipt (ADR):
- A certificate (receipt) that represents shares of a foreign company, owned and issued by a U.S. Bank (Depositary).
- Issued in accordance with the provisions stipulated by the Securities and Exchange Commission of USA.
- The foreign shares are held in custody overseas, but the certificates traded on one of the three major U.S. equity markets (the NYSE, AMEX or NASDAQ).
- ADRs are denominated in US$ and funds in the hands of the share issuing company are also in US$.
Features of ADRs (In context of Indian Company)
- ADRs are US$ denominated and are traded in the same way as are the securities of US companies.
- The ADR holder is entitled to the same rights and advantages as owners of the shares in India.
- ADR represents ownership in shares of Indian Company that is traded in US Stock Exchanges.
- ADRs pay dividends in US$ and can be traded like shares of US based companies.
- The value of ADR fluctuates based on the price movements of the underlying shares.
ADR v/s GDR:
- ADR and GDR are commonly used by the Indian companies to raise funds from the foreign capital market.
- The principal difference between ADR and GDR is in the market in which they are issued and the exchange in which they are listed.
- While ADR is traded on US stock exchanges, GDR is traded on European stock exchanges.
- While ADR is issued by a US bank, GDR is issued by the international depository bank, representing foreign company's stock trading globally.
- Through ADR issue, funds can be raised in US stock market, through GDR issue, funds can be raised in any country’s stock market except USA
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When it comes to IDR, foreign investors want to raise funds from India. So, my question is that when that foreign company wants to raise funds globally through GDR and not IDR, then, would they be able to raise funds from India or would it be except India?
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How does the trading of the ADR take place among US investors and also on the American stock exchanges?
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