Indian firms make highest contribution to Luxembourg Exchange

Indian companies made the highest contribution to the Luxembourg Stock Exchange's 'milestone' of reaching 250 issuers of global depositary receipts in July this year.

At the time of the listing of the 250th depositary receipt, there were 171 Indian companies, the highest in the bourse of the central European country, reflecting its position as the leading exchange for international securities, said the stock exchange in its latest publication available with PTI.

Majority of the Indian companies which have listed their GDRs are in construction, software and biotechnology sectors, it said.

GDRs are instruments used mainly by companies in emerging economies to access international capital markets and the Luxembourg Stock Exchange has a long history of working with such companies.

Taiwan occupied the second position after India in approaching the Luxembourg bourse for GDRs with the figure of 48.

The Luxembourg Stock Exchange has also since 2009 run two specialist indices: "Lux GDR India" index and "Lux GDR Taiwan index," the movements of which reflect the trends of the home markets in India and Taiwan, the bourse said.

For GDRs, the Luxembourg Stock Exchange takes the second position worldwide behind the New York Stock Exchange (306 issuers) but ahead of the London Stock Exchange (196 issuers) and Nasdaq (106 issuers), it added.