StanChart IDR price fixed at Rs 104, listing next month

Written by fe Bureau | Mumbai | Updated: Jun 1 2010, 02:07am hrs
Standard Chartered Bank, which had announced a band of Rs 100-115 for its Indian Depositary Receipts (IDR), has fixed the issue price per IDR at Rs 104.

The bank said it had completed a successful book-building process for its proposed IDR listing and has now closed the offer. A total of 240,000,000 IDRs will be issued producing gross proceeds of approximately Rs 2,490 crore ($530 million). Every 10 IDRs represents one Standard Chartered ordinary share.

The 24,000,000 new Standard Chartered ordinary shares, which will be issued in connection with the IDR issue, will be allotted on or around 7 June 2010, with each new ordinary share having a nominal value of $0.50. The IDRs are expected to be listed on the BSE and the NSE by June 11

Richard Meddings, group finance director, said, The response to the IDR has been excellent. We have achieved a book that is well over two times covered against a background of significant equity market volatility. The IDR listing will further build on our brand presence in India.