Investment in a foreign security by swap or exchange of shares of an Indian company

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..... mitted ******************** Note : 1. Has been omitted vide Notification No. G.S.R. 13(E) dated 9/10/2007 (w. e. f. the 20th day of April, 2007) before it was read as, "(1) An Indian Party may acquire shares of a foreign company, engaged in bonafide business activity, in exchange of ADRs/GDRs issued to the latter in accordance with the scheme for issue of Foreign Currency Convertible Bonds an .....

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..... ded capital base, after the new ADR and/or GDR issue, does not exceed the sectoral cap prescribed under the relevant regulations for such investment; d. the valuation of the shares of the foreign company is made, - (i)as per the recommendations of the Investment Banker if the shares are not listed on any stock exchange; or (ii) based on the current market capitalization of the foreign company .....

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