Global Depositary Receipts issuance structure clarifies denomination, issuer decision rights, conversion terms and absence of lock in period.

A Global Depositary Receipt may be issued over one or more underlying shares or bonds held with a Domestic Custodian Bank and may be denominated in any freely convertible foreign currency, while the underlying ordinary shares and shares issued on conversion of Foreign Currency Convertible Bonds are denominated only in Indian currency. The issuing company with the Lead Manager decides public or private placement, number of receipts, issue price, interest on Foreign Currency Convertible Bonds, conversion price, coupon and conversion option pricing; no lock-in period applies.

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