Rule 144A :
This rule provide for raising capital through private placement of ADR’s with large
institutional investors called qualified institutional bodies (QIB’s). Such issues operate at
level 1 status and do not require disclosures or fulfillment of GAAP standards. The ADR’s
are sold on private placement basis. They cannot be listed on stock exchanges and they
are traded only on OTC basis. The institutions qualifying under this rule are expected to
have adequate expertise in assessing international investment risks. They do not require
any detailed disclosures or clearances.

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