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

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.... of an Indian Company 8. ^1[*****]     ***************** NOTES:- 1. Omitted vide Notification No. G.S.R. 13(E) dated 09-10-2007, w.e.f. 20-04-2007 before it was read as, "(1) An Indian Party may acquire shares of a foreign company, engaged in bonafide business activity, in exchange of ADRs/GDRs issued to the latter in accordance with the scheme ....

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....total holding in the Indian Party by persons resident outside India in the expanded capital base, after the new ADR and/or GDR issue, does not exceed the sectoral cap prescribed under the relevant regulations for such investment; d. the valuation of the shares of the foreign company is made, - (i) as per the recommendations of the Investment Banker if the shares are not listed on....