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        FEMA

        Regulation 8 - Investment in a Foreign Security by Swap or Exchange of Shares of an Indian Company

        Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004

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        Cross-border share swap rules: exchange of ADRs/GDRs for foreign company shares permitted subject to prescribed caps and valuation. Acquisition of foreign company shares by an Indian party through exchange of ADRs/GDRs was permitted under Regulation 8 subject to eligibility, sectoral cap compliance, backing by fresh equity, prescribed valuation methods (investment banker recommendation for unlisted shares or three month average market capitalization plus any recommended premium for listed shares) and a reporting obligation to the Reserve Bank within thirty days of the ADR/GDR issue.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Cross-border share swap rules: exchange of ADRs/GDRs for foreign company shares permitted subject to prescribed caps and valuation.

                              Acquisition of foreign company shares by an Indian party through exchange of ADRs/GDRs was permitted under Regulation 8 subject to eligibility, sectoral cap compliance, backing by fresh equity, prescribed valuation methods (investment banker recommendation for unlisted shares or three month average market capitalization plus any recommended premium for listed shares) and a reporting obligation to the Reserve Bank within thirty days of the ADR/GDR issue.


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