The lawsuit appears to contain broadly similar allegations to those of the previously announced securities class-action lawsuit filed in the USA in 2017 on behalf of all purchasers of Novo Nordisk American Depository Receipts
The lawsuit appears to contain broadly similar allegations to those of the previously announced securities class-action lawsuit filed in the US in 2017 on behalf of all purchasers of Novo Nordisk American Depository Receipts
In a separate statement, the company said its board of directors has approved a fund raising proposal of up to Rs 3,000 crore by issue of equity shares or American depository receipts
or global depository receipts.
It is accused of providing American depository receipts
to brokers when neither the brokers nor their clients held shares in foreign companies that were required to support such transactions.
JPMorgan upgraded Veon's American depository receipts
to overweight with a price target of $4 after the announcements.
The company initially had planned to raise US$115 million (NT$3.4 billion) in American Depository Receipts
(ADR), shares of foreign companies listed on the NYSE, but it only obtained US$60 million (NT$1.7 billion), reports said.
According to the shareholding pattern, the promoters group, comprising co-founders and their families hold 12.92% of the shares, Foreign Institutional Investors (FIIs) & Foreign Portfolio Investors (FPIs) 37.33%, Indian retail, corporate and other investors 23.08%, Indian FIs, Banks and Mutual Funds 9.63%, American Depository Receipts
16.69% and Non-Resident Indians (NRIs) 0.52%.
Under the deal, Reynolds shareholders received for each Reynolds share USD 29.44 in cash and 0.5260 BAT ordinary shares which shall be represented by BAT American Depository Receipts
listed on the New York Stock Exchange.
Chinese firms have long made use of American depository receipts
to issue shares on U.S.
Corporates raising money abroad through external commercial borrowing or American depository receipts
could invest 400 per cent of their net worth in overseas ventures.
The remaining shares of OCI SAE include 0.47% listed in global depository receipts (GDRs) in the London Stock Exchange, 0.51% in American depository receipts
(ADRs) on the New York Stock Exchange, and 1.58% on the Egyptian stock exchange.