Abstract
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.
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