Standard Chartered PLC IDRS : Opening on 25th May 2010

by khalid on 24/05/2010 · 0 comments

Standard Chartered PLC was incorporated in 1969 through a merger of The Chartered Bank and The Standard Bank Limited. Standard Chartered PLC, Listed on both the London Stock Exchange and the Hong Kong Stock Exchange, ranks among the top 20 companies in the FTSE-100 by market capitalisation. The bank is entering into Indian primary market with 240,000,000 Indian Depository Receipts (IDR). The IDR is opening on 25th May 2010 and the receipts will be available for subscription up to 28th May 2010. The premium of the issue will be decided through a 100% Book Building Process. The price band for the issue has been fixed as Rs 100 at the lower end and Rs 115 at the upper end. 10 IDRs will represent one underlying share of the company, and the new shares issued in the aggregate will constitute 1.16 per cent of the post-issue paid-up capital.

From the early 1990s, Standard Chartered has focused on developing its strong franchises in Asia, Africa and the Middle East. It has concentrated on consumer, corporate and institutional banking and on the provision of treasury services – areas in which the Group had particular strength and expertise. The company celebrated its 150th anniversary in India in April 2008, having opened its first branch in 1858 in Kolkata.

The Indian Depository Receipts (IDR) of the bank are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Issue Detail:-
Issue Open : 25th April 2010 – 28th May 2010
Issue Type : 100% Book Built Issue IDRS
Issue Size : 240,000,000 IDR
Face Value : 10 IDRs will represent one underlying share
Issue Price : Rs. 100 – Rs. 115 Per IDR
Listing At : BSE, NSE

Book running lead managers to the issue are DSP Merrill Lynch Limited, Goldman Sachs (India) Securities Private Limited, JM Financial Consultants Private Limited, Kotak Mahindra Capital Company Limited, SBI Capital Markets Limited and UBS Securities India Private Limited.

Registrar of the Issue is Karvy Computershare Private Limited Hyderabad.

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