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

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..... oreign security by swap or exchange of shares of an Indian company (1) An Indian Party may acquire shares of a foreign company, engaged in the same core activity, in exchange of ADRs/GDRs issued to the latter in accordance with the scheme for issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository Receipt Mechanism) Scheme, 1993, and the guidelines issued thereund .....

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..... Indian Party by persons resident outside India in the expanded capital base, after the new ADR and/or GDR issue, does not exceed the sectoral cap prescribed under the relevant regulations for such investment; e. the valuation of the shares of the foreign company is made, - A. as per the recommendations of the Investment Banker if the shares are not listed on any stock exchange; or B. based .....

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