The Global Depository Receipts are financial certificates issued for shares in a foreign-based corporation being traded in capital markets around the world. GDRs differ from ADRs in a sense that the latter are limited to American citizens and shareholders, while GDRs allow companies all over the world to offer shares in many markets such as in Europe, Asia, and Australia. This means that GDRs can be issued against equity shares in any country but not in the US.

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