Redemption of Indian Depository Receipts (IDRs) into Underlying Equity Shares

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..... Custodians Dear Sir/Madam, Sub: Redemption of Indian Depository Receipts (IDRs) into Underlying Equity Shares 1. SEBI, vide circular No: CIR/CFD/DIL/3/2011 dated June 03, 2011, has prescribed the framework for redemption of IDRs into underlying equity shares. The circular has, inter-alia, stated that after the completion of one year from the date of issuance of IDRs, redemption of th .....

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..... 25 % of the IDRs originally issued. Suitable instructions for modifying the existing legal framework governing IDRs, in order to implement the decision to allow redemption of IDRs into underlying equity shares and re-conversion of equity shares of a foreign issuer (which has already listed their IDRs) into IDRs, will be issued separately. 5. As and when the instructions for modifying the existi .....

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