StanChart fixes IDR range, to raise Rs 2,670 cr

Standard Chartered Plc, the London-based financial services group, has fixed the price band for its proposed issue of Indian Depository Receipts (IDRs) between Rs 100 and Rs 115 per IDR. It intends to raise up to Rs 2,760 crore through IDRs.

The issue opens for general subscription on May 25 and is due to close on Friday, May 28. The final issue price per IDR will be set and announced thereafter. It proposes to issue 240 million IDRs.

Retail investors and eligible employees subscribing to IDRs whose bid amount does not exceed Rs 1 lakh will get a further five per cent discount to the final issue price, the bank said in statement.

Ten IDRs will represent one underlying share of the company. The new shares issued in aggregate will constitute 1.16 per cent of the post-issue paid-up capital of Standard Chartered Plc. Allotment is scheduled to be completed by June 7.

The listing on the Bombay Stock Exchange and the National Stock Exchange of India will be done shortly thereafter. It is the first overseas company which is planning to list securities (IDRs) on Indian stock exchanges.

Some of the book-running lead managers for this issue include UBS Securities, Goldman Sachs, JM Financial Consultants, DSP Merrill Lynch, Kotak Mahindra Capital and SBI Capital Markets.

Standard Chartered celebrated its 150th anniversary in India in April 2008, having opened its first branch in 1858 in Kolkata.