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Overseas listing norms eased
By agencies
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Friday, 18 November 2005, 20:30 IST
NEW DELHI: The government has amended the ADR/GDR norms to allow Indian companies to simultaneously list abroad or raise capital. However, the companies have to take the permission of market regulator SEBI and make the follow on offer within 30 days.
The Finance Ministry, in a notification said companies going in for an offering in the domestic market and a simultaneous or immediate follow on offering through ADR and GDR issues would be exempt from the requirement of the revised pricing guidelines.
The change in ADR/GDR comes after representation from India Inc on the pricing norms.
However, the ministry said companies offering in the ADR/GDR market will have to take SEBI's approval for the percentage to be offered in the domestic and ADR/GDR markets.