A depositary share lets a company offer a smaller, more affordable unit of a share. A company deposits whole preferred shares with a bank, called the depositary, and the bank issues depositary shares that each represent a fraction of one preferred share, such as one one-hundredth or one one-thousandth. The depositary shares trade on an exchange, often at a price near 25 dollars, which suits individual investors.
Holders receive the matching fraction of the dividends and of any liquidation payment, and the depositary generally votes the underlying shares according to the holders' instructions where voting rights exist. The bank charges fees for its services.
Do not confuse them with American depositary shares. Those are certificates that represent shares of a foreign company, held by a US bank so that they can trade in US dollars on US markets.
Check the fraction that each depositary share represents, the dividend rate, the redemption terms and the fees.