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International Finance
Vinod Gupta School of Management, IIT, Kharagpur.

Module - 33
International Equity Market and Cross Listing
of Shares

Developed by: Dr. Prabina Rajib

Associate Professor (Finance & Accounts)
Vinod Gupta School of Management
IIT Kharagpur, 721 302
Email: prabina@vgsom.iitkgp.ernet.in

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Lesson - 33
International Equity Market and Cross Listing of Shares
Highlights & Motivation:
International fund raising used to be the domain of multinational companies. MNCs not
only source raw material across the world or sell products at many geographical regions,
they also scouting for capital all over the world and raise capital where it is cheaper.
However with globalization and increased cross-border capital flows, smaller companies
are enjoying the benefits of raising capital in the international market. Cross listing of
shares through issuance of depository receipts have become a common occurrence.
Investors appetite for foreign company shares have also increased manifold and
internationalization of equity market across globe is happening at a faster speed.
Though internationalization of equity markets has a broader connotation covering entire
gamut of FDI, portfolio investment by big ticket players like pension funds, hedge funds
and private equity funds and their ilk, this module focuses on equity capital to have been
raised by Indian companies from the international market.

Learning Objectives:
Hence in this chapter, issues related to cross-listing of shares specifically from Indian
companies perspective have been discussed. The topics covered are:

Brief discussion on different types of instruments (both debt and equity Options)
to have been issued by Indian companies in the international market.

Cross listing of shares through depository receipts

Benefits/Costs of Depository Receipt to Issuers and Investors

o NASDAQ listing fee details
o Types of Depository Receipts Sponsored/Unsponsored
o Level I, Level II, Level III and Private Placement

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33.1 Introduction:
International fund raising used to be the domain of multinational companies. MNCs not
only source raw material across the world or sell products at many geographical regions,
they also scout for capital all over the world and raise capital whereever it is cheaper.
However with globalization and increased cross-border capital flows, smaller companies
are also raising capital in the international market. Greater interaction among financial
markets has enabled companies to access global capital market. Big and small companies
are raising both debt and equity capital from the global market. Cross listing of shares
through issuance of depository receipts have become common occurrence. Investors
appetite for foreign company shares have also increased manifold and internationalization
of equity markets across globe is happening at a faster speed.
Though internationalization of equity markets has a broader connotation covering entire
gamut of FDI, portfolio investment by big ticket players like pension funds, hedge funds
and private equity funds and their ilk, this module focuses on equity capital to have been
raised by Indian companies from the international market.
Even relatively smaller companies are sourcing capital from foreign countries and do not
want to remain restricted to commercial banks and other lenders of home countries as
well as do not want to depend on the domestic equity market. With the globalization of
trade flows, liberalization of restrictive business polices, cross border sourcing of capital
has become hallmark of the day. Just to buttress on this aspect, many Indian companies,
big as well as small ones have tapped international market to raise funds. The following
figure, Figure 33.1 highlights different instruments used by Indian companies to raise
fund
International Fund Raising Options

Debt Capital
Yankee Bonds
Eurobonds
Floating Rate Notes
External Commercial
Borrowings
India Millennium Deposit
India Resurgent Bond
India Development Bond

Equity Capital
Global Depository Receipts
American Depository
Receipts
Indian Depository Receipts

Figure 33.1: Different Types of Debt and Equity Capital Raised by Indian Companies

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In a similar token, investors risk appetite is also changing, they are not scared put money
into companies which are not home grown. To diversify their risk, investors are
increasingly getting interested in investing in companies of their choice, irrespective of
their nationality. Emergence of venture capital and private equity investments are
providing added boost to the growth of international equity investment. All over the
world, the policy regulations restricting international flow of capital are also easing, thus
paving the path for integration of capital markets which were hitherto operating insularly.
This process is getting hastened up with increased global M&A activities.
Companies are funded through both debt and equity. International debt market is thriving
over the last 3-4 decades, but slowly international equity market is gaining momentum. In
this session, how Indian companies are sourcing equity capital in the international
market and what are the issues associated with these are discussed.

33.2 Brief Introduction to ADRs and GDRs:

International equity market has developed through cross listing of shares in different
stock exchanges. Cross listing indicates that a company lists its shares in foreign stock
exchanges besides listing its shares in domestic exchanges. For example, investors from
US can invest in Infosys equity shares as Infosys shares are listed in NASDAQ.
Cross listing of shares normally happens through depository receipts (DRs) or registered
shares. Depository receipts can be ADRs (American Depository Receipts) or GDRs
(Global Depository Receipts) or for that matter any country specific depository receipts
can be issued. GDRs are primarily issued and traded in London or Luxembourg stock
exchanges. ADRs by default issued in USD. All most all GDRs are also denominated in
USD. But GDRs can be issued in EURO.
Similarly like ADRs/GDRs, If a foreign company lists its shares in Chinese Stock
exchange, then these will be known CDRs (Chinese Depository Receipts). A foreign
company can list its IDRs (Indian Depository Receipts) in any Indian stock exchanges.
These depository receipts are negotiable receipts of securities issued by foreign
companies but listed and traded in domestic stock exchanges denominated in the home
currency of the domestic country. Each depository receipt has specific number of
companys shares as underlying. For example, HDFC Bank ADR has three shares
representing one ADR. This ratio is known as DR/Underlying share ratio. There is no
hard and fast rule regarding the number of underlying shares representing one depository
receipt. In a DR, the company declares the dividend in its home currency. This dividend

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is converted to the home currency of the DR investor. In other words, the DR investors,
receive the dividend in their home currency. For all practical purpose, these depository
receipts behave like domestic securities.
According to JPMorgan website, which has a comprehensive list of depository receipts
issued all over the world, all together 3248 companies have issued ADRs/GDRs. A
snapshot of the data is given in the table, Table 33.1.

Table 33.1: Sample list of ADRs and GDRs

Source: http://www.adr.com/BrokerInvestor/drsearch.aspx
Underlying
Currency
AUD

Issue Date
5/29/2002

ADR

Underlying
Exchange
ASX
EN
BRUSSELS

EUR

10/15/2008

Real Estate

ADR

HONG
KONG

HKD

11/4/2008

ADR

ASX

AUD

6/23/2008

Poland

Power Producers
Broadcasting
(TV,Radio,Cable)

GDR

WARSAW

PLN

3/4/1999

Greece

Banks (Major
Regional)

ADR

ATHENS

EUR

10/20/2008

ADR

TOKYO

JPY

1/1/1983

ADR

TOKYO

JPY

3/25/2004

JPY

10/17/2008

CNY

6/30/2006

Company Name
AGENIX LTD
AGFAGEVAERT NV
AGILE
PROPERTY
HOLDINGS LTD
AGL ENERGY
LTD

Country
Australia

Type
ADR

Belgium

Sector Name
Biotechnology
Photography/
Imaging

Hong
Kong

AGORA SA
AGRICULTURA
L BANK OF
GREECE
AIDA
ENGINEERING
LTD

Australia

Japan

AIFUL CORP
AIOI
INSURANCE
CO LTD

Japan

Machinery
Consumer
Finance

Japan

Insurance
(Life/Health)

ADR

AIR CHINA LTD

AIR FRANCEKLM
AIR LIQUIDE
AIR NEW
ZEALAND LTD

China

Airlines

ADR

TOKYO
HONG
KONG

France
France
New
Zealand

Airlines
Chemicals

ADR
ADR

PARIS
PARIS

EUR
EUR

5/5/2004
1/1/1983

Airlines

ADR

NZX

NZD

10/28/2008

Table 33.1 indicates name of the issuer company, which country it belongs to, sector
name, whether issued ADR/GDR, home country exchange name, currency denomination
of underlying shares, and ADR/GDR issue date.
At this point, it is important to understand why foreign company equity shares listed in a
domestic stock exchange is known as depository receipts. When a foreign company lists

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its shares in a domestic stock exchange, it cannot directly list its equity shares. The
reasons for so are as follows:
As the equity shares are denominated in home currency of the foreign company, the
domestic investor may not be interested to trade in the issuers home currency. For
example, an investor from UK will not be interested to invest in ICICI Bank shares
denominated in Indian Rupees, even if it is possible to trade ICICI Bank shares at
London Stock Exchange. By doing so, the investor would take foreign currency risk.
Secondly, investors will not be get his/her own grievances redressed by the regulatory
body of its country as the regulatory body may not have the jurisdiction to govern a
foreign company which is registered in a foreign country. If the investors from the
UK agrees to invest in ICICI bank shares listed in Indian stock exchange ( willing
taking foreign exchange risk), but still can not approach the UK regulator for any
grievance against ICICI bank as the UK regulator may not have any control over
ICICI bank which is listed in India.
To circumvent these two important risks, all foreign equity listing is done through a
depository which is a registered body in the home country of the investor. In fact, the
depository is liable for any misconduct by the foreign company and the regulatory body
of the investor can penalize the depository. The depository ensures that the foreign
company abides by the listing and other regulatory requirements put forwarded by home
country regulators from time to time.
Before issuing DRs, the foreign company has to first appoint depository which is a
registered body in the domestic market. The foreign company issues equity shares to the
depository, which in turn issues depository receipts which are listed and traded in
domestic stock exchange.
For example, Deutsche Bank is the depository bank of Infosys ADR program. It is
important to note that these depository receipts are denominated in the home currency of
investors. For example, Infosys shares are quoted and traded in Indian Rupees in Indian
stock exchanges, but Infosys ADRs are listed and traded in US Dollar in US stock
exchanges.

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In context to ADRs, many-a-times, we come across term American depository shares

(ADSs). There is minor difference between ADRs and ADSs. The entire issue is called
an American Depositary Receipt (ADR) and the individual shares are known as ADSs.
Same is the case of GDRs and GDSs, or for that matter any depository receipt program
But before we proceed to understand more about these ADRs/GDRs, let us understand
little more on why companies issue these depository receipts first of all or for that matter
why investors would prefer investing in ADR

33.3Benefits/Costs of Depository Receipt to Issuers and Investors:

As we know, unless both the issuer company and investors benefit from
issuance/investment in a securities, no new type of securities will be ever issued. The
security must have features so that it is a win-win proposition for the issuer company and
the investors. In this section, we briefly highlight the benefits to both parties

33.3.1

Benefits to Issuers

Companies are able to raise capital denominated in USD and that to huge amount
of capital which may be difficult to raise from the issuers home country.
By issuing securities in a new market, it is able to expand the investor base.
When a foreign companys share listed in a domestic market, analysts in the
domestic market start analyzing the company, its product, its market share etc.,
thus indirectly helping in advertising the company.
When a foreign companys shares are listed in a domestic exchange and the
foreign company wants to acquire another domestic company, then share swap
can be an option for the foreign company. In fact many Indian companies having
ADRs have swapped ADRs to acquire US based companies. The US investors
would have no problem adding ADR to their portfolio. Without the ADRs,
swapping domestic shares are not feasible as US investors may not be interested
to hold shares of foreign company which is listed in foreign companys home
country. Precisely for this reason, ADRs are known as M& A Currency. The
report prepared by Citigroup titled ADRs in the M&A environment (available at
http://wwss.citissb.com/adr/pdf/ma0701.pdf) highlights the benefit of ADRs.
This report mentions that If a non-US company wants to make a US acquisition
using equity, ADRs offer the most direct method. ADRs trade like US
instruments. They can be held by investors prohibited from entering foreign
markets.

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33.3.2

Costs associated with DR issues:

Companies have to pay for the, depository fee, listing fee, audit fee and also
companies have to recast their annual report as per the GAAP of the foreign
country. This cost can be substantial, specifically for an Indian company where
the DR costs are denominated in USD.

NASDAQ (National Association of Securities Dealers & Automated Quotations) requires

the following fees for an ADR listing:
Entry Fee (One time): Depending upon the Number ADS issued by a company.
Table 33.2 A
No. of Shares/ADSs Entry Fee
Up to 30 million
$125,000
30+ to 50 million
$150,000
50+ to 100 million
$200,000
Over 100 million
$225,000

Annual Fees
Table 33.2 B
No. of Shares/ADSs Annual Fee
Up to 10 million
$30,000
10+ to 50 million
$37,500
50+ to 75 million
$42,500
75+ to 100 million
$50,000
100+ to 150 million $50,000
Over 150 million
$50,000

So an Indian company intending to list ADRs in may have to annually spend 15-25 lakh
rupees. Table 33.2A and Table 33.2B have been taken from NASDAQ listing fee
document available at http://www.nasdaq.com/about/nasdaq_listing_req_fees.pdf.

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33.1.1 Benefits to the Investors:

Investors are able to invest in foreign company shares without taking foreign
exchange exposure.
Investors get the benefit of portfolio diversification without worrying to operate in
foreign market. The article ADRs in the M&A environment (available at
http://wwss.citissb.com/adr/pdf/ma0701.pdf) succinctly summarizes the
benefits of ADRs. US Investors see the ADR as a great way to expand their
portfolio geographically without having the burden of having foreign custody
accounts. Since ADRs are reconciled to US Gaap, they trade, clear, and settle in
accordance with well understood US market practices. They look and feel like
domestic US securities, and maybe thats why 90 percent of ADR trading
involves US buyers and US sellers. Furthermore, those transactions cost the same
as trading US securities. This is significant since it is estimated that the cost for
US investors to clear and settle trades in Europe is 20 times higher than the US.

33.3.3 Risk associated with DR investment:

No investment comes without risk. DRs also pose certain unique risks. These are

Financial Accounting and reporting standards followed by the foreign

company.
Exchange rate change affecting the dividend repatriation
Change in withholding tax in the foreign country
ADRs/GDRs are inherently illiquid as the proportion of ADRs/GDRs are less
compared to the total outstanding equity shares of any company.

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33.4 Types of Depository Receipts:

In this section, different types of Depository Receipts are discussed.

DRs

Unsponsored

Sponsored

Level I

Level II

Level III

Privately
Placed

Figure 33.2: Types and Levels of Depository Receipts.

DRs can be of two types: Sponsored, Unsponsored depending on whether the actively
involved in the issuance of the DRs or not.
Sponsored ADRs: In a sponsored DR issue, the company solicits depositories to issue
and list DRs in a foreign country exchanges. The DRs are issued by the active
participation of the company. Sponsored DRs also come in three different types: Level I,
Level II, Level III and based on Rule 144A. The issuing company and the depositories
enter into depository agreement before the DRs are issued. The depository receives the
bulk amount of dividend in the foreign companys home currency on behalf the DR
investors and converts the dividend into the investors home currency and then sends
these to the respective DR holder. The depositories also arrange DR holders to exercise
voting rights. For all practical purpose, the depository acts as the front of the DR issuing
foreign company. It is very important to note here that there can be only one depository
for a sponsored DRs issue. The difference among Level I, Level II, Level III and
Privately Placed are discussed after the unsponsored DRs aspects have been discussed.

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Unsponsored DRs: Unsponsored DRs are issued by one or more depositaries in

response to market demand, but without a formal agreement with the company. For
unsponsored DRs, depositories are not required to take permission or even inform the
foreign companies before issuing the unsponsored DRs. In an unsponsored ADR issue,
the depository buys the shares of foreign company and deposits these shares into a
custodian. Then it issues DRs which investor can invest. Hence there could be multiple
unsponsored DR programs for a given company. For example, Depository 1 buys let us
50,000 shares Suzlon India and issues 25,000 ADRS with each ADR representing 2
equity shares of Suzlon. Depository 2 buys 100,000 shares of Suzlon and issues 100,000
ADRs with each ADR representing 1 underlying share. Hence ADRs issued by these
two depositories are completely different when though both ADRs represent Suzlon.
Also the dividend distributed to US investors may vary depending on the day on which
the depositories convert Indian Rupee dividend to USD. For example, Suzlon credits the
Indian Rupee Dividend to both Depositories on July 15th 2010. Depository 1 converts this
amount to USD on let us say, on 17th July 2010. Depository 2 may convert the dividend
on 20th July. There could be big difference in INR/USD rate between 17th and 20th July.
Hence the dividend received by both sets of depositories may vary significantly. Both
depositories may charge different service fee to the ADR investors thus making the
matter even more confusing.

Level I, II, III and Privately Placed DRs:

Level I: Sponsored Level I Depositary Receipt program is the easiest ways to list DRs.
Hence Level 1 DRs are the fastest growing segment among all sponsored DR programs
all over the world. In a Level I DRs, the company cannot raise any fund by issuing new
securities as DRs. Companies issuing Level I DRs do not have to abide by the listing
requirements set by the regulatory body. These DRs normally trade in the OTC (Overthe-Counter) market. Level I DRS are subjecting to easy/no listing requirement. In fact,
Level 1 ADRs does not require the issuing company to recast its accounting statement as
per US GAAP(Generally Accepted Accounting Principle) and provide full SEC
disclosure. For example, The Sarbanes Oxley Act is not applicable to companies
issuing Level I ADRs.

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Sarbanes Oxley Act 2002 was enacted by the SEC of USA after some high ticket
corporate failure ( Enron, Worldcom, Tyco International, Adelphia etc) due to
misreporting of actual facts and figure about companies. This act is also known as Public
Company Accounting Reform and Investor Protection Act as well as popularly SOX
ACT. The act made all public listed companies in USA more accountable and covered a
gamut of issues like auditor independence, corporate governance, internal control
assessment, and enhanced financial disclosure.
Level II and Level III Sponsored ADRs: Level II Depositary Receipts are exchangelisted securities but the issuing company cannot raise capital. In a Level III programs, the
company can list its DRs in foreign stock exchanges as well as raise capital from the
foreign investors. Both Level II and Level III DRs require the company to abide by all
listing and reporting requirement. Level II DRs programs are easier than the Level III DR
programs.
Privately Placed DRs: The issuing company may privately place DRs with QIBs
(Qualified Institutional Buyers). The SEC rules pertaining the issuance and subsequent
trading of these DRs are governed by Rule 144. Hence many-a-times, when these DRs
are issued through this route these are known as Rule 144 category of DRs. Rule 144 A
securities are also known as restricted securities. When investors buy restricted shares,
the DRs Certificates are stamped as restricted. The restricted tag does not allow the
holders to sale these certificates to general public without SEC exempting these from
being restricted shares.

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The following table shows sample list of different types and level of DRS issued.
Table 33.3 : Types and Levels of Depository Receipts
Source: http://www.adr.com/BrokerInvestor/drsearch.aspx
NAME
3I GROUP PLC
3SBIO INC
4IMPRINT GROUP
PLC
51JOB INC
7 DAYS GROUP
HOLDINGS LTD
A&D PHARMA
HOLDING NV
A&D PHARMA
HOLDING NV
ABB LTD

EXCHANGE
OTC
NASDAQ

LEVEL
LEVEL I
LEVEL III

SPONSORSHIP
Unsponsored
Sponsored

DEPOSI
TARY
BNY
JPM

TYPE
ADR
ADR

OTC
NASDAQ

LEVEL I
LEVEL III

Sponsored
Sponsored

BNY
JPM

ADR
ADR

NYSE

LEVEL III

Sponsored

CIT

ADR

PORTAL

144A

Sponsored

CIT

GDR

LONDON
NYSE

REGS
LEVEL II

Sponsored
Sponsored

GDR
ADR

ABENGOA SA
ABERTIS
INFRAESTRUCTURAS
SA
ABL BIOTECHNOLOGIES LTD
ABSA GROUP LTD
ACCENTIA
TECHNOLOGIES LTD

OTC

LEVEL I

Unsponsored

CIT
CIT
BNY,
DB

OTC

LEVEL I

Unsponsored

BNY

ADR

LUXEMBOURG
OTC

REGS
LEVEL I

Sponsored
Sponsored

DB
BNY

GDR
ADR

SINGAPORE

REGS

Sponsored

JPM

GDR

ADR

BNY : Bank of New York, JPM : JP Morgan DB : Deutsche Bank CIT : Citibank
Table 33.3 clearly indicates the different levels, different exchanges among the
sponsored/unsponsored exchanges. It is interesting to note here that Bank of New York
and Deutsche Bank have issued unsponsored ADR program for ABENGOA SA of Spain.

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Multiple Choice Questions:

1.

Cross listing refers to

a. When a home country company lists its shares in a foreign stock exchange
denominated in home country currency.
b. When a home country company lists its shares in a foreign stock exchange
denominated in foreign country currency.
c. When a foreign company lists its shares in domestic stock exchange
denominated in foreign companys home currency
d. When a foreign company lists its shares in domestic stock exchange
denominated in domestic currency
i. Only a & c is correct
ii. Only b &d is correct
iii. All correct
iv. None correct

2.

In an unsponsored depository receipt issue

a. The depository need to take permission from the company
b. The depository need to inform the company
c. The company has to take the permission from its home country regulator
before issuing the DRs
d. The depository neither informs nor takes permission from the company.

3.

ADRs/GDRs refers to
a. When a home country company lists its shares in a foreign stock exchange
denominated in home country currency.
b. When a home country company lists its shares in a foreign stock exchange
denominated in foreign country currency.
c. When a foreign company lists its shares in domestic stock exchange
denominated in foreign companys home currency
d. When a foreign company lists its shares in domestic stock exchange
denominated in domestic currency
i. Only a & c is correct
ii. Only b &d is correct
iii. All correct
iv. None correct

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4.

Which type of ADR is the most difficult to issues

a. Level I
b. Level II
c. Level III
d. Private placement of Level III

5.

Which type of ADR issue cannot be sold in the stock exchanges to general public.
a.
b.
c.
d.

Level I
Level II
Level III
Private placement of Level III

Short Questions:
1. What role the depository plays in the issuance and maintenance of depository
receipts?
2. What are the main differences between sponsored and unsponsored depository
receipts?
3. What benefits would accrue to an issuer issuing IDR?
4. If an Indian company intends to issue ADR, then which type it should prefer?
Level I, II or III or Private placement?

Answer to Multiple Choice Questions:

1.
2.
3.
4.
5.

(ii)
C and D
(ii)
C
D

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References:
1. Tim V. Eaton, John R. Nofsinger and Daniel G. Weaver ( 2007), Disclosure and
the cost of equity in international cross-listing,
Review
of
Quantitative
Finance and Accounting, Volume 29, Number 1,pp 1-24
2. H. Kent Bakera, John R. Nofsingera2and Daniel G. Weavera (2002),
International Cross-Listing and Visibility, Journal of Financial and Quantitative
Analysis , Vol. 37, pp:495-521
3. Andreas Charitou, Christodoulos Louca and Stelios Panayides ( 2008), Why do
Firms
Cross-List?
The
Flip
Side
of
the
Issue,
http://www.cass.city.ac.uk/ewgfm43/Papers/10.2louca.pdf
4. ADR Universe details: http://www.adr.com/BrokerInvestor/drsearch.aspx
5. ADR
Arbitrage
:
http://www.business-standard.com/india/news/fiismakingmostarbitrage-opportunities/362131/
6. INSTANEX SKINDIA DR INDEX AND CONSTITUENTS, Source:
http://finance.indiamart.com/markets/gdr/

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