GDR stands for Global Depositary Receipt, an instrument that lets investors buy economic exposure to a company’s shares through an internationally traded receipt rather than through the company’s local stock market directly. For companies, a Global Depositary Receipt can open access to overseas investors and foreign-currency funding. For investors, it can simplify cross-border participation, but it also introduces its own pricing, legal, and settlement complexities.

1. Term Overview

• Official Term: Global Depositary Receipt
• Common Synonyms: GDR, global DR, depositary receipt (in a broad sense)
• Alternate Spellings / Variants: Global Depository Receipt, GDR issue, DR program
  Note: In securities markets, depositary is the more precise word for the bank issuing the receipt. Depository is a common spelling variant, but it can also refer to a securities settlement institution.
• Domain / Subdomain: Stocks / Equity Securities and Ownership
• One-line definition: A Global Depositary Receipt is a negotiable receipt issued by a depositary bank that represents shares of a company from one country and is traded in an international market.
• Plain-English definition: A GDR is like a tradable wrapper around a company’s home-market shares, designed so foreign investors can buy and sell that exposure more easily outside the company’s domestic exchange.
• Why this term matters: GDRs matter because they connect companies seeking international capital with investors who want foreign equity exposure without always dealing directly with local market hurdles such as custody, settlement, currency, and access rules.

2. Core Meaning

What it is

A Global Depositary Receipt is a marketable security issued by a depositary bank. Each GDR represents a fixed number of underlying shares of a company. Those underlying shares are usually held by a custodian bank in the issuer’s home country.

Why it exists

International investing is not always simple. Investors may face:

• local account-opening barriers
• unfamiliar settlement systems
• currency conversion issues
• custody complications
• foreign ownership restrictions
• legal and disclosure differences

A GDR helps bridge those gaps by creating an internationally tradeable instrument tied to the underlying shares.

What problem it solves

For issuers, a GDR can solve the problem of limited access to foreign capital.
For investors, it can solve the problem of difficult direct access to the local market.

Who uses it

GDRs are used by:

• companies raising equity abroad
• institutional investors seeking international exposure
• depositary banks
• custodian banks
• brokers and exchanges
• analysts tracking cross-border valuation
• regulators monitoring foreign capital flows and disclosures

Where it appears in practice

You will see GDRs in:

• international equity offerings
• exchange trading systems
• annual reports and prospectuses
• analyst reports
• corporate action announcements
• cross-border valuation screens
• portfolio holdings of global funds

3. Detailed Definition

Formal definition

A Global Depositary Receipt is a negotiable security issued by a depositary bank that evidences beneficial ownership in a specified number of shares of a foreign issuer, where the underlying shares are held by a custodian in the issuer’s home jurisdiction.

Technical definition

Technically, a GDR is:

• a depositary receipt instrument
• backed by underlying equity shares
• governed by a deposit agreement or program terms
• linked by a conversion ratio such as 1 GDR = 2 shares
• subject to the rules of the listing venue, the issuer’s home-country laws, and the receipt program structure

Operational definition

Operationally, a GDR works like this:

1. A company arranges a depositary receipt program.
2. Underlying shares are deposited with a custodian in the home market.
3. A depositary bank issues GDRs against those shares.
4. Investors buy and sell the GDRs in an international market.
5. Dividends, rights, and other corporate actions are passed through to GDR holders according to the program terms, after applicable taxes, fees, and currency conversion.

Context-specific definitions

In global equity issuance

A GDR is mainly a capital-raising or cross-border trading instrument.

In the U.S. market context

The term ADR is more commonly used for depositary receipts focused on the U.S. market. A GDR may still be relevant in institutional or offshore structures, but the label ADR is usually more familiar in the U.S.

In emerging-market issuance

GDRs are often associated with companies from emerging markets seeking access to European or international institutional investors.

In accounting and reporting

The GDR is generally not a completely separate business asset. It is a representation of underlying equity. The issuer’s accounting treatment typically focuses on the underlying shares issued, capital raised, associated costs, and disclosure implications.

4. Etymology / Origin / Historical Background

Origin of the term

The phrase breaks down into:

• Global: intended for international investors and markets
• Depositary: referring to the bank that issues the receipt
• Receipt: evidence of entitlement to underlying shares

Historical development

Depositary receipts began with earlier cross-border share access structures, especially American Depositary Receipts (ADRs) in the early twentieth century. As international capital markets expanded, especially in Europe and other offshore markets, the broader Global Depositary Receipt structure became widely used.

How usage changed over time

• Early period: depositary receipts were mostly a way to access foreign shares in specific markets.
• Expansion period: GDRs became popular for emerging-market companies raising money from international institutions.
• Modern period: GDRs remain important, but companies now also use alternatives such as dual listings, direct overseas listings, domestic institutional placements, and global equity offerings under different structures.

Important milestones

Important milestones include:

• growth of international custodial and clearing infrastructure
• development of offshore equity capital markets
• increasing investor demand for emerging-market exposure
• tighter disclosure and compliance standards after major market abuses and financial crises
• continuing evolution of local capital markets, reducing the need for some issuers to rely only on GDRs

5. Conceptual Breakdown

1. Underlying Shares

Meaning: The local shares of the issuing company.
Role: They are the real economic asset behind the GDR.
Interaction: The GDR’s value depends on these shares.
Practical importance: Without the underlying shares, the GDR has no economic basis.

2. Depositary Bank

Meaning: The bank that issues the GDR.
Role: It creates the receipt, administers the program, and handles corporate action pass-through.
Interaction: It works with the issuer, custodian, exchange, and investors.
Practical importance: The depositary is central to the legal and operational structure.

3. Custodian Bank

Meaning: A bank in the issuer’s home market that holds the underlying shares.
Role: It safeguards the shares backing the GDRs.
Interaction: It acts on instructions from the depositary bank.
Practical importance: Custody integrity is essential for investor confidence.

4. GDR Ratio

Meaning: The number of underlying shares represented by one GDR.
Role: It translates local-share economics into GDR economics.
Interaction: It affects pricing, dividends, and conversion.
Practical importance: A wrong understanding of the ratio leads to bad valuation.

5. Trading Venue

Meaning: The exchange or market where the GDR trades.
Role: Provides liquidity, price discovery, and investor access.
Interaction: Venue rules influence disclosure, settlement, and investor eligibility.
Practical importance: A GDR listed on a deep, credible venue is usually more investable.

6. Currency Layer

Meaning: GDRs may trade in a currency different from the issuer’s home-market currency.
Role: Makes the security convenient for foreign investors.
Interaction: Pricing depends on both the share price and the exchange rate.
Practical importance: Investors must track both equity risk and FX risk.

7. Investor Rights

Meaning: Economic rights such as dividends, and sometimes voting rights through the depositary mechanism.
Role: Determines what the holder actually receives.
Interaction: Rights depend on the deposit agreement and local law.
Practical importance: Not all GDRs give the same practical voting access or timing.

8. Conversion / Cancellation Mechanism

Meaning: The process by which GDRs may be converted into local shares, or vice versa, subject to program rules and regulation.
Role: Helps link GDR pricing to local-share pricing.
Interaction: Important for arbitrage, liquidity, and investor choice.
Practical importance: If conversion is costly or restricted, pricing gaps can persist.

6. Related Terms and Distinctions

Related Term	Relationship to Main Term	Key Difference	Common Confusion
Depositary Receipt (DR)	Broad umbrella term	GDR is one type of DR	People often use DR and GDR as if they are identical
American Depositary Receipt (ADR)	Closely related instrument	ADR is typically aimed at the U.S. market; GDR is broader/international	Many assume ADR and GDR are always interchangeable
American Depositary Share (ADS)	Unit represented by a receipt	ADS refers to the underlying depositary share unit; ADR is the certificate/receipt format	ADR vs ADS terminology is frequently mixed up
Ordinary Share / Common Share	Underlying equity security	A GDR is a wrapper representing shares; the ordinary share is the original local security	Investors may think a GDR is a completely separate class of ownership
Dual Listing	Alternative cross-border listing route	Dual listing means the company’s actual shares are listed in multiple markets; GDR uses a depositary structure	Both offer international access, but the mechanics differ
Depository / Central Securities Depository (CSD)	Related infrastructure term	A depository settles and safekeeps securities; a depositary bank issues the receipt	The similar spelling causes operational confusion
Foreign Currency Convertible Bond (FCCB)	Alternative international fundraising tool	FCCB starts as debt and may convert to equity; GDR is equity-linked from the start	Both are offshore capital-raising instruments, but one is debt, one is equity-based
Qualified Institutional Placement (QIP) / Follow-on Offering	Alternative issuance route	These are direct equity issuance methods, often domestic; GDR is a cross-border receipt route	Companies compare them because all can raise equity capital

7. Where It Is Used

Finance and corporate finance

GDRs are used for:

• raising international equity capital
• broadening the investor base
• improving access to foreign institutional investors
• supporting overseas expansion plans

Stock market and trading

They appear in:

• exchange listings
• broker trading systems
• price screens
• arbitrage and relative-value analysis
• portfolio trading by global funds

Valuation and investing

Analysts use GDRs when:

• comparing international versus local-share pricing
• assessing premiums or discounts
• analyzing liquidity across venues
• monitoring foreign investor participation

Reporting and disclosures

GDRs appear in:

• annual reports
• offering circulars or prospectuses
• share capital disclosures
• corporate action notices
• investor presentations

Accounting

Accounting relevance includes:

• equity issuance accounting
• share-count and dilution analysis
• earnings per share implications
• disclosure of capital-raising costs and shareholder structure

Policy and regulation

GDRs matter in policy because they touch:

• foreign capital flows
• securities regulation
• beneficial ownership transparency
• investor protection
• foreign exchange rules

Banking and custody

Banks participate as:

• depositary banks
• custodian banks
• settlement institutions
• distribution and underwriting banks in the issue process

Analytics and research

Researchers use GDR data to study:

• market integration
• pricing efficiency
• liquidity migration
• home-market vs offshore-market behavior
• governance signals in cross-border listings

8. Use Cases

1. Cross-border equity fundraising

• Who is using it: A company seeking foreign capital
• Objective: Raise money from international investors
• How the term is applied: The company issues GDRs backed by its local shares
• Expected outcome: Access to wider pools of capital, often in foreign currency terms
• Risks / limitations: Disclosure burden, legal cost, dilution, and ongoing compliance

2. International investor access to a local company

• Who is using it: Global institutional investors
• Objective: Invest in a foreign company without fully navigating the local market
• How the term is applied: Investors buy the GDR on an international venue instead of buying the local shares directly
• Expected outcome: Easier operational access and possible settlement convenience
• Risks / limitations: Lower liquidity, pricing gaps, depositary fees, and indirect voting mechanics

3. Broadening shareholder base

• Who is using it: A listed company concentrated in one domestic market
• Objective: Diversify ownership geographically
• How the term is applied: The company creates a GDR program to attract offshore funds
• Expected outcome: More diverse investors and potentially stronger market visibility
• Risks / limitations: Investor interest may remain limited if the company’s fundamentals are weak

4. Creating a benchmark for international valuation

• Who is using it: Analysts, investors, and corporate finance teams
• Objective: Compare domestic and offshore valuations
• How the term is applied: They track GDR price parity against local shares
• Expected outcome: Better insight into global investor sentiment
• Risks / limitations: Time-zone differences, FX changes, and market frictions can distort the comparison

5. Supporting overseas expansion strategy

• Who is using it: Companies expanding through acquisitions or capex abroad
• Objective: Raise internationally visible equity capital for global plans
• How the term is applied: The company markets a GDR issue to foreign investors aligned with its expansion story
• Expected outcome: Funding and reputational support for an international strategy
• Risks / limitations: If expansion underperforms, the GDR may trade weakly and damage credibility

6. Secondary sell-down or shareholder liquidity event

• Who is using it: Existing promoters, early investors, or strategic holders, where legally permitted
• Objective: Create a route for broader institutional ownership
• How the term is applied: GDRs may be used as part of an international placement structure
• Expected outcome: Improved free float and broader investor participation
• Risks / limitations: Market may interpret the sale negatively if it appears to signal weak insider confidence

9. Real-World Scenarios

A. Beginner scenario

• Background: A new investor sees that a foreign company has both local shares and GDRs.
• Problem: The investor does not understand whether the GDR is the same as the share.
• Application of the term: The investor learns that one GDR represents two local shares held through a depositary structure.
• Decision taken: The investor checks the GDR ratio, currency, liquidity, and rights before buying.
• Result: The investor avoids overpaying and understands what is actually being bought.
• Lesson learned: A GDR is not “mysterious foreign stock”; it is a tradable receipt linked to underlying shares.

B. Business scenario

• Background: A mid-sized manufacturing company wants funds for a new European plant.
• Problem: Domestic investors are cautious, and the company wants access to international institutions.
• Application of the term: The company evaluates a GDR issue to reach offshore investors.
• Decision taken: It launches a GDR program after improving disclosures and appointing a depositary bank.
• Result: It raises capital and adds foreign institutions to its shareholder base.
• Lesson learned: A GDR can be a strategic capital-raising route when the company is ready for global scrutiny.

C. Investor / market scenario

• Background: A hedge fund tracks a company whose GDR trades at a discount to the implied local-share value.
• Problem: The fund wants to know whether this is a real opportunity or a trap.
• Application of the term: It analyzes conversion mechanics, fees, taxes, time-zone differences, and settlement frictions.
• Decision taken: The fund trades only after confirming that the discount is larger than total execution costs and operational risks.
• Result: It either captures a spread or avoids a false arbitrage.
• Lesson learned: GDR price gaps are not always free money.

D. Policy / government / regulatory scenario

• Background: A securities regulator reviews a proposed international GDR issue.
• Problem: The regulator wants to ensure proper disclosure, investor protection, and legal use of proceeds.
• Application of the term: The regulator examines beneficial ownership, pricing, allocation, related-party exposure, and compliance with foreign exchange and securities rules.
• Decision taken: Approval or clearance is conditioned on stronger disclosure and procedural compliance.
• Result: The issue proceeds more transparently or is delayed until concerns are fixed.
• Lesson learned: GDRs are not just funding tools; they are also regulatory events.

E. Advanced professional scenario

• Background: An equity analyst models the impact of a GDR issue on valuation and EPS.
• Problem: The analyst must estimate dilution, proceeds, FX effects, and likely overseas investor demand.
• Application of the term: The analyst uses the GDR ratio, issue price, local-share count, and expected use of proceeds.
• Decision taken: The analyst updates target price and ownership assumptions, and flags potential discount/premium behavior.
• Result: The investment recommendation becomes more realistic.
• Lesson learned: Proper GDR analysis requires combining capital structure, market microstructure, and cross-border regulation.

10. Worked Examples

Simple conceptual example

A company has local shares in its home market. A depositary bank holds those shares through a custodian. The bank then issues GDRs internationally.

If:

• 1 GDR = 2 local shares

then buying 1 GDR gives the investor economic exposure to 2 underlying shares, subject to the terms of the depositary program.

Practical business example

A company wants to raise international capital for expansion.

• It needs a broader investor base
• It wants foreign institutional interest
• It is willing to improve disclosure and meet offshore listing requirements

Instead of raising all capital only in its home market, it issues GDRs. This allows overseas investors to subscribe in a format they understand and can settle more easily.

Numerical example

Assume:

• Local share price = INR 320
• GDR ratio = 1 GDR represents 2 shares
• Exchange rate = INR 80 per USD
• Market GDR price = USD 8.40
• New issue size = 25 million GDRs
• Existing local shares before issue = 450 million shares

Step 1: Compute implied fair GDR price from the local share

[ \text{Implied GDR Price} = \frac{\text{Local Share Price} \times \text{Shares per GDR}}{\text{FX Rate}} ]

[ = \frac{320 \times 2}{80} = \frac{640}{80} = USD\ 8.00 ]

Step 2: Compute premium or discount

[ \text{Premium / Discount \%} = \frac{\text{Actual GDR Price} – \text{Implied GDR Price}}{\text{Implied GDR Price}} \times 100 ]

[ = \frac{8.40 – 8.00}{8.00} \times 100 = 5\% ]

So the GDR is trading at a 5% premium to implied parity.

Step 3: Compute gross proceeds

[ \text{Gross Proceeds} = \text{Number of GDRs Issued} \times \text{Issue Price per GDR} ]

[ = 25{,}000{,}000 \times 8.40 = USD\ 210{,}000{,}000 ]

Step 4: Compute number of new underlying shares represented

[ \text{New Shares} = \text{GDRs Issued} \times \text{Shares per GDR} ]

[ = 25{,}000{,}000 \times 2 = 50{,}000{,}000\ \text{shares} ]

Step 5: Compute post-issue shares and dilution

[ \text{Post-Issue Shares} = 450{,}000{,}000 + 50{,}000{,}000 = 500{,}000{,}000 ]

Existing shareholders now own:

[ \frac{450{,}000{,}000}{500{,}000{,}000} = 90\% ]

So the issue causes 10% post-issue dilution to existing owners.

Advanced example: dividend pass-through

Assume:

• Dividend on local share = INR 12 per share
• 1 GDR = 2 shares
• Dividend withholding tax = 10%
• FX rate = INR 80 per USD
• Depositary fee = USD 0.05 per GDR

Step 1: Gross local-currency dividend per GDR

[ 12 \times 2 = INR\ 24 ]

Step 2: Net after withholding tax

[ 24 \times (1 – 0.10) = INR\ 21.6 ]

Step 3: Convert to USD

[ \frac{21.6}{80} = USD\ 0.27 ]

Step 4: Subtract depositary fee

[ 0.27 – 0.05 = USD\ 0.22 ]

So the investor receives approximately USD 0.22 per GDR, subject to actual program terms, taxes, and timing.

11. Formula / Model / Methodology

A GDR does not have one universal “master formula,” but several practical formulas are commonly used in analysis.

Formula Name	Formula	Purpose
Underlying Shares Represented	GDR Count × Shares per GDR	Measures equity represented by the GDR issue
Implied GDR Price	(Local Share Price × Shares per GDR) / FX Rate	Converts local-share value into GDR value
Implied Local Share Price	(GDR Price × FX Rate) / Shares per GDR	Converts GDR value into local-share equivalent
Premium / Discount %	((Actual GDR Price − Implied GDR Price) / Implied GDR Price) × 100	Measures pricing gap
Gross Issue Proceeds	Number of GDRs Issued × Issue Price per GDR	Estimates capital raised

Meaning of each variable

• GDR Count: Number of GDRs outstanding or being issued
• Shares per GDR: Number of underlying local shares represented by one GDR
• Local Share Price: Price of the ordinary share in the home market
• FX Rate: Home currency per unit of GDR trading currency
• Actual GDR Price: Market or issue price of the GDR

Interpretation

• If actual GDR price is above implied parity, the GDR trades at a premium
• If below, it trades at a discount
• Large persistent gaps may reflect frictions, not just mispricing

Sample calculation

If:

• local share = INR 250
• shares per GDR = 2
• FX = INR 83 per USD

then:

[ \text{Implied GDR Price} = \frac{250 \times 2}{83} = \frac{500}{83} \approx USD\ 6.02 ]

Common mistakes

• forgetting the share-per-GDR ratio
• using the wrong FX quote direction
• ignoring fees and taxes
• assuming exact one-to-one arbitrage
• forgetting time-zone and market-hours differences
• comparing stale local prices with live GDR prices

Limitations

These formulas do not capture:

• illiquidity
• legal restrictions
• sanctions or capital controls
• custody costs
• tax leakage
• delay in corporate action processing
• investor sentiment differences across markets

12. Algorithms / Analytical Patterns / Decision Logic

1. GDR parity screen

• What it is: A screening method that compares GDR price with the implied value of local shares.
• Why it matters: Helps identify premiums, discounts, and possible relative-value opportunities.
• When to use it: Daily trading analysis, pre-trade checks, or valuation comparisons.
• Limitations: A price gap does not guarantee tradable arbitrage.

2. Liquidity quality check

• What it is: A practical framework to assess average daily turnover, bid-ask spread, market depth, and settlement ease.
• Why it matters: A cheaply valued GDR can still be unattractive if it is too illiquid.
• When to use it: Before investing, issuing, or recommending a GDR.
• Limitations: Liquidity can disappear quickly during market stress.

3. Issuer readiness framework

• What it is: A checklist used by companies and bankers before launching a GDR issue.
• Why it matters: International capital raising requires more than investor interest; it needs governance, reporting, legal, and operational readiness.
• When to use it: Before appointing banks or starting documentation.
• Limitations: A company can pass the checklist and still face weak market demand.

A basic readiness checklist includes:

• audited financial statements of acceptable quality
• strong internal controls
• clear use of proceeds
• legal/regulatory eligibility
• investor relations capability
• board willingness for higher transparency

4. Corporate action decision framework

• What it is: A method for evaluating how dividends, rights, splits, bonuses, and voting instructions flow through the GDR program.
• Why it matters: Corporate actions can materially change investor economics.
• When to use it: Around dividend dates, rights issues, mergers, or restructurings.
• Limitations: Program terms differ, so generic assumptions can be wrong.

13. Regulatory / Government / Policy Context

Important: GDR rules vary by jurisdiction, listing venue, offering structure, and investor type. Exact requirements should always be checked against current law, exchange rules, and offering documents.

International / global context

A GDR issue usually sits at the intersection of:

• issuer home-country company law
• foreign exchange law
• host-market securities law
• listing venue requirements
• anti-money laundering and KYC obligations
• beneficial ownership transparency rules
• sanctions and cross-border settlement rules

United States

In the U.S. context:

• ADR is the more common term
• public offers or exchange trading in the U.S. may trigger SEC registration and reporting requirements under U.S. securities law
• some international offerings use exemptions or private-placement frameworks such as Rule 144A and offshore structures such as Regulation S
• accounting, reconciliation, and disclosure expectations can be significant

United Kingdom

The UK has historically been an important venue for international depositary receipt listings.

Key considerations typically include:

• FCA and exchange admission rules
• prospectus and disclosure obligations
• market abuse rules
• ongoing reporting and inside-information handling
• settlement through international clearing systems where applicable

European Union

Across the EU, applicable requirements may involve:

• prospectus rules
• transparency and disclosure standards
• market abuse regulation
• venue-specific admission standards
• settlement and investor disclosure requirements

The exact framework depends on the listing location and whether the issue is public, institutional, or exempt.

India

For Indian issuers, GDR/ADR activity has historically involved a combination of:

• company law
• foreign exchange law and FEMA-related rules
• central government depository receipt schemes
• SEBI issue, disclosure, listing, and governance rules where relevant
• taxation and reporting requirements

Caution: The Indian framework has evolved over time. Anyone working on an Indian GDR structure should verify the current position with the latest SEBI, Ministry of Finance, RBI, and Companies Act requirements.

Accounting standards

Relevant accounting and disclosure considerations may include:

• treatment of issued equity shares
• issuance expenses
• earnings per share dilution
• foreign investor ownership reporting
• corporate action disclosures
• IFRS, Ind AS, or U.S. GAAP presentation, depending on the issuer and market context

Taxation angle

Tax treatment can vary by:

• investor residence
• treaty eligibility
• dividend withholding rules
• capital gains rules
• transfer or conversion treatment
• depositary fees and local charges

Do not assume tax neutrality. Tax outcomes should be verified with qualified advisors.

Public policy impact

From a policy perspective, GDRs can:

• help attract foreign capital
• improve international visibility of domestic issuers
• deepen capital markets
• increase scrutiny on disclosure and governance
• create oversight challenges in beneficial ownership and cross-border enforcement

14. Stakeholder Perspective

Student

A student should view a GDR as a cross-border ownership wrapper. It is a useful topic for understanding how securities markets connect across countries.

Business owner / issuer

A business owner should see GDRs as a fundraising and market-access tool. The key question is whether the strategic benefits outweigh compliance, disclosure, and investor-relations costs.

Accountant

An accountant focuses on:

• share issuance
• dilution
• equity classification
• costs of issue
• dividend treatment
• disclosure and reporting consistency

Investor

An investor cares about:

• valuation relative to local shares
• liquidity
• rights and corporate actions
• FX risk
• governance quality
• legal protections

Banker / lender

An investment banker sees GDRs as a structuring and placement product. A lender may view a successful GDR issue as a positive sign of improved capitalization, though it is not a lending instrument itself.

Analyst

An analyst uses GDRs to assess:

• relative pricing
• international investor appetite
• dilution effects
• capital-raising impact
• whether offshore valuation differs from domestic valuation

Policymaker / regulator

A policymaker focuses on:

• transparency
• investor protection
• foreign capital inflows
• compliance with market rules
• abuse prevention
• fair allocation and disclosure

15. Benefits, Importance, and Strategic Value

Why it is important

GDRs matter because they connect local companies with global capital. They can reduce market segmentation and make foreign equity exposure more accessible.

Value to decision-making

GDRs help decision-makers assess:

• whether to raise capital domestically or internationally
• how global investors value the company
• whether liquidity and price discovery improve abroad
• how corporate ownership may broaden

Impact on planning

For issuers, GDRs