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

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....vestment in a Foreign Security by Swap or Exchange of Shares of an Indian Company (1) An Indian Party may acquire shares of a foreign company, engaged in the same core activity, in exchange of ADRs/GDRs issued to the latter in accordance with the scheme for issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository Receipt Mechanism) Scheme, 1993, and the guidelines iss....

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....quity shares issued by the Indian Party; d. the 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; e. the valuation of the shares of the foreign company is made, - A. as per the r....