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What is the step wise procedure for issue of adr/gdr?

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posted Jun 14 by Sherlyn Mishra

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  1. Convene a Board Meeting to approve the proposed Issue for not exceeding certain value in foreign currency.
  2. Convene the Extra ordinary General Meeting for the approval of the shareholders for the proposed GDR
  3. Issue under Sec 81(1A) of the Companies Act, 1956.
  4. Identify the Agencies.
  5. Convene a Board Meeting to approve the Agencies.
  6. Appoint the Agencies and sign the Engagement Letters.
  7. The Indian Legal Counsel to undertake the Due Diligence.
  8. Prepare the first draft of the Information Memorandum (IM) in consultation with the Indian Legal Counsel and submit the same to various Agencies for their comments thereon.
  9. Prepare the 2nd/3rd draft of IM incorporating the comments.
  10. The Listing Agent to submit the IM with the overseas Stock Exchange for their comments and In principle Listing Approval.
answer Jun 14 by Durga Prasad
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