ADRs, GDRs, ECBs & FCCBs: Foreign Funds Frozen!

6 Pages Posted: 30 Jan 2011

Date Written: May 28, 2009


Total funds raised through ADRs & GDRs by Indian companies have fallen by 98.09% from US$ 2.63 Bn in 2007-08 to US$ 0.05 Bn in 2008-09. Even there is a drop of number of ADRs & GDRs from 13 in 2007-08 to 3 in 2008-09.

Further, the average DR size has reduced from US$ 202.07 Mn in 2007-08 to US$ 18.17 Mn in 2008-09. This signifies that the once high profile ADRs & GDRs went out-of-favour in 2008-09. Further, April 2009 has not seen any ADRs and GDRs, despite hopes of global economic recovery.

This signifies that Indian corporate is still continued to face difficult fund raising environment, despite significant global economic recovery.

Keywords: India, Indian financial markets, Indian capital markets, ADR, GDR, ECB, FCCB, American Depositary Receipt, Global Depositary Receipt, External Commercial Borrowing, Foreign Currency Convertible Bonds, Private Equity, Venture Capital, Foreign Funding,

Suggested Citation

Thunuguntla, Jagannadham, ADRs, GDRs, ECBs & FCCBs: Foreign Funds Frozen! (May 28, 2009). Available at SSRN: or

Jagannadham Thunuguntla (Contact Author)

affiliation not provided to SSRN ( email )

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