Standard Chartered Bank IDR : Planning to float IDR by June

by khalid on 24/03/2010 · 2 comments

British banking giant Standard Chartered is bullish on Indian growth story. Asian CEO of the bank Jaspal Bindra is of the view that Indian economy is shaping up and coming back to the pre-crisis levels. The bank want to become the first foreign bank to list in the Indian markets. The bank will float India’s first IDR issue after getting clearance from the market regulator SEBI. The bank has received all regulatory approvals necessary to file its draft red herring prospectus DRHP with SEBI and it will file the papers by the end of the March. The bank will raise between USD 750 million and USD 1 billion in the process.

The bank already got clearance from both Reserve Bank and Securities and Exchange Board of India. In this IDR Issue retail investors are allowed to invest in 20% of the issue, 50% is reserved for institutional investors, and 30% is reserved for high net worth.

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