{"id":24464,"date":"2022-01-10T15:25:00","date_gmt":"2022-01-10T15:25:00","guid":{"rendered":"https:\/\/www.legalraasta.com\/blog\/?p=24464"},"modified":"2026-04-07T17:15:37","modified_gmt":"2026-04-07T11:45:37","slug":"global-depository-receipt","status":"publish","type":"post","link":"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/","title":{"rendered":"Global Depository Receipt"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>Investors use capital markets such as ADR, GDR, and IDR to facilitate long-term debt instruments and generate capital. The most economical and well-known technique of raising funds from overseas capital markets is the issue of these receipts. It also allows foreign investors to make investments in domestic businesses.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#What_is_Depository_Receipt\" title=\"What is Depository Receipt?\">What is Depository Receipt?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#What_are_ADR_American_Depository_Receipt_and_IDR_Indian_Depository_Receipt\" title=\"What are ADR (American Depository Receipt) and IDR (Indian Depository Receipt)?\">What are ADR (American Depository Receipt) and IDR (Indian Depository Receipt)?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#1_American_Depository_Receipt\" title=\"1. American Depository Receipt\">1. American Depository Receipt<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#2_IDR_Indian_Depository_Receipt\" title=\"2. IDR (Indian Depository Receipt)\">2. IDR (Indian Depository Receipt)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#3_Global_Depository_Receipt_GDR\" title=\"3. Global Depository Receipt (GDR)\">3. Global Depository Receipt (GDR)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#Characteristics_of_GDR_Global_Depository_Receipt\" title=\"Characteristics of GDR (Global Depository Receipt)\">Characteristics of GDR (Global Depository Receipt)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#1_Exchange-Traded\" title=\"1. Exchange-Traded\">1. Exchange-Traded<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#2_Conversion_Ratio_is_another_feature_of_GDR\" title=\"2. Conversion Ratio is another feature of GDR\">2. Conversion Ratio is another feature of GDR<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#3_Unsecured\" title=\"3. Unsecured\">3. Unsecured<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#4_The_Price_Is_Determined_by_the_Underlying_Factors\" title=\"4. The Price Is Determined by the Underlying Factors\">4. The Price Is Determined by the Underlying Factors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#5_The_GDR_can_be_exchanged_for_any_foreign_currency\" title=\"5. The GDR can be exchanged for any foreign currency.\">5. The GDR can be exchanged for any foreign currency.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#6_Dividends_and_bonuses_are_available_to_the_holder\" title=\"6. Dividends and bonuses are available to the holder.\">6. Dividends and bonuses are available to the holder.<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#Advantages_of_GDR_to_Issuing_Company\" title=\"Advantages of GDR to Issuing Company\">Advantages of GDR to Issuing Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#Advantages_of_GDR_to_Investor\" title=\"Advantages of GDR to Investor\">Advantages of GDR to Investor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#Disadvantages_of_Global_Depository_Receipts\" title=\"Disadvantages of Global Depository Receipts\">Disadvantages of Global Depository Receipts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#Procedure_for_Issuing_GDR_in_a_Company\" title=\"Procedure for Issuing GDR in a Company\">Procedure for Issuing GDR in a Company<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#1_Approvals\" title=\"1. Approvals\">1. Approvals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#2_Intermediaries_are_appointed\" title=\"2. Intermediaries are appointed\">2. Intermediaries are appointed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#3_Documentation\" title=\"3. Documentation\">3. Documentation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#4_Both_before_and_after_the_launch\" title=\"4. Both before and after the launch\">4. Both before and after the launch<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Depository_Receipt\"><\/span>What is Depository Receipt?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When a foreign firm or an individual invests in domestic companies listed on the local stock exchange of that country&#8217;s currency with the help of a domestic bank or depository, the receipt provided to that individual is known as a Depository Receipt.<\/p>\n<p>Let&#8217;s look at an example to help us understand it better<\/p>\n<p>Any international investor invests in a domestic company such as Reliance Industries listed on the domestic stock exchange of our country (BSE\/ NSE) in our country&#8217;s currency, Rupees, through a Depository (SBI Bank) and the receipt issued is known as a Depository Receipt.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_are_ADR_American_Depository_Receipt_and_IDR_Indian_Depository_Receipt\"><\/span>What are ADR (American Depository Receipt) and IDR (Indian Depository Receipt)?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_American_Depository_Receipt\"><\/span>1. American Depository Receipt<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>ADR (American Depository Receipt) is a tradable financial instrument issued by a US bank that represents the securities of a foreign firm listed on the US stock exchange. Domestic investors invest in companies based outside of their native country, with dividends paid in US dollars to ADR holders.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_IDR_Indian_Depository_Receipt\"><\/span>2. IDR (Indian Depository Receipt)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>IDR (Indian Depository Receipt) is a negotiable financial instrument which is issued by the Indian bank representing the securities of a foreign company listed in the Indian stock market. Investors from the United States invest in companies based in India, where dividends are paid in Indian Rupees (INR) to IDR holders<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Global_Depository_Receipt_GDR\"><\/span>3. Global Depository Receipt (GDR)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A GDR (Global Depository Receipt) is a negotiable financial instrument issued by a foreign bank other than the United States that represents securities of a foreign firm listed on any stock exchange other than the United States. Domestic investors invest in enterprises based outside of their home country, with dividends paid in Euro or GBP to GDR holders.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Characteristics_of_GDR_Global_Depository_Receipt\"><\/span>Characteristics of GDR (Global Depository Receipt)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Exchange-Traded\"><\/span>1. Exchange-Traded<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>GDRs are exchange-traded assets in which an intermediary buys a large number of shares in a foreign firm and converts them into GDRs that may be traded on a local stock exchange. These GDRs are then traded on stock markets in countries other than the United States.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Conversion_Ratio_is_another_feature_of_GDR\"><\/span>2. Conversion Ratio is another feature of GDR<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The number of shares a GDR can hold is referred to as the conversion ration. It often ranges from a fraction to a very large number. The range is flexible, despite the fact that one GDR certificate holds ten shares.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Unsecured\"><\/span>3. Unsecured<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>GDRs are unsecured securities with no asset backing other than the value of the s held in the certificate.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_The_Price_Is_Determined_by_the_Underlying_Factors\"><\/span>4. The Price Is Determined by the Underlying Factors<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The price of a GDR is determined by the price of the share it owns, as well as the supply and demand for that GDR.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_The_GDR_can_be_exchanged_for_any_foreign_currency\"><\/span>5. The GDR can be exchanged for any foreign currency.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The issuer&#8217;s fundamental shares must be denominated in the issuer&#8217;s home currency, whereas GDRs are alway issued in foreign currency.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Dividends_and_bonuses_are_available_to_the_holder\"><\/span>6. Dividends and bonuses are available to the holder.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The holder of GDR shares is entitled to bonuses and dividends based on the value of the shares.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Advantages_of_GDR_to_Issuing_Company\"><\/span>Advantages of GDR to Issuing Company<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>There is access to international capital markets.<\/li>\n<li>The issuing company&#8217;s visibility has improved.<\/li>\n<li>Because of foreign investors, the capital of the issuing company has increased.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Advantages_of_GDR_to_Investor\"><\/span>Advantages of GDR to Investor<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>It provides more transparency since competitors\u2019 securities can be compared.<\/li>\n<li>Then there&#8217;s the capital gain tax.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Disadvantages_of_Global_Depository_Receipts\"><\/span>Disadvantages of Global Depository Receipts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Breaching any legislation can result in negative consequences for the company.<\/li>\n<li>Dividends in the GDR are paid in the domestic country&#8217;s agency, which is susceptible to Forex market volatility.<\/li>\n<li>GDR is a costly source of funding for any company;<\/li>\n<li>It is advantageous to investors who have the financial means to invest a large sum in GDR.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Procedure_for_Issuing_GDR_in_a_Company\"><\/span>Procedure for Issuing GDR in a Company<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Approvals\"><\/span>1. Approvals<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Board of Directors, Shareholders, Regulatory Authorities, and Financial Institutions must all approve the issuance of GDRs before they can be issued.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Intermediaries_are_appointed\"><\/span>2. Intermediaries are appointed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>During the construction of the company&#8217;s GDR, intermediates such as the Lead Manager, Co-Manager, Overseas Depository Banks, Legal Advisors, Auditors, and Underwriters are appointed as Intermediaries after the approval.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Documentation\"><\/span>3. Documentation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Subscription agreements, depository agreements, and trust deeds are among the principal documents created.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Both_before_and_after_the_launch\"><\/span>4. Both before and after the launch<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Additional critical tasks, such as timing, pricing the issue, and closing the issue, are completed at the conclusion.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Any foreign individual or company can use Depository Receipts to enter and tap different markets in order to generate cash and create a trading presence in overseas markets. Every country in the world wishes to expand its business and have a presence in the global market. A Global Depository Receipt is a type of receipt that allows any corporation to issue shares on a stock market outside of the United States.<\/p>\n<p>&nbsp;<\/p>\n<blockquote><p>Also read<\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/blog\/balance-of-payment\/\">Balance of Payment<\/a><\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/blog\/cost-inflation-index\/\">Cost Inflation Index<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Investors use capital markets such as ADR, GDR, and IDR to facilitate long-term debt instruments and generate capital. The most economical and well-known technique of raising funds from overseas capital markets is the issue of these receipts. It also allows foreign investors to make investments in domestic businesses. &nbsp; What is Depository Receipt? When a [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":24696,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4464],"tags":[4891,4887,4890,4886,4892,4889,4888,4893],"class_list":["post-24464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-advantages-of-gdr","tag-american-depository-receipt","tag-characteristics-of-gdr","tag-depository-receipt","tag-disadvantages-of-global-depository-receipts","tag-global-depository-receipt","tag-indian-depository-receipt","tag-procedure-for-issuing-gdr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GDR -Global Depository Receipt - Characteristics, Disadvantages<\/title>\n<meta name=\"description\" content=\"A GDR (Global Depository Receipt) is a negotiable financial instrument issued by a foreign bank other than the United States\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalraasta.com\/blog\/global-depository-receipt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GDR -Global Depository Receipt - 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