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Home Economy

ADRs, GDRs and IDRs

May 28, 2020
in Economy
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  • Shares of foreign stocks offered in foreign markets are comprehensively known as depositary receipts.

  • ADRs and GDRs are two types of depositary receipts with other types including European depositary receipts (EDRs), Luxembourg depositary receipt (LDRs), and Indian depository receipts (IDRs).
  • ADRs are shares of a single foreign company issued in the U.S.
  • How are such ADRs created?
    • An American depository house acquires shares from Indian shareholders and subsequently issues ADRs to US investor (in dollar terms) according to conversion ratios that vary from stock to stock
  • GDRs are shares of a single foreign company issued in more than one country as part of a GDR program.
  • Companies can issue depositary receipts in individual countries or they may choose to issue their shares in multiple foreign markets at once through a GDR
  • IDRs are similar to ADRs and GDRs. Here, a foreign company lists its shares in Indian stock exchange

 

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