StanChart sets date for conversion of IDRs

UK-based Standard Chartered today said it will open a window for conversion of Indian Depository Receipts into shares or shares into (IDR) from March 24.
Two-way fungibility that is redemption of IDRs into shares or conversion of shares into IDRs is voluntary and holders are not obliged to redeem IDRs into shares or convert shares into IDRs, Stanchart said in a public notice.
Holders have been given an option of conversion of 10 IDRs into one share while one share in to 10 IDRs, it said.
The redemption or conversion widow is open between March 24 to 31, it said.

As per the SEBI norms for redemption of IDR, a company can redeem 25 per cent of the originally issued IDRs into shares.
Standard Chartered had issued 24 crore IDRs in 2010 with every 10 IDRs representing one ordinary shares.
The bank raised Rs 2,490 crore from the issue, the first such share sale in the country.
IDR shares closed at Rs 85.75 per unit, down 2.78 per cent on the BSE.