StanChart IDR issue to open on 25 May 2010

Bank to issue 240 million Indian Depository Receipts

Asia-focussed British bank Standard Chartered's Indian Depository Receipt (IDR) issue will open on 25 May 2010 and close on 28 May 2010. StanChart will issue 240 million IDRs, with every 10 IDRs representing one share of Standard Chartered Plc.

StanChart's IDR is the first issue of its kind in India. Like American or Global Depository Receipts, where Indian companies raise resources overseas, IDRs enable foreign companies to do the same in India.

StanChart, which has been operating in India for 150 years, has over 94 branches in 37 cities of the country and a combined customer base of around 20 lakh, among others. The bank has operations in an array of verticals, including consumer and wholesale banking, private banking and SME banking.

Standard Chartered is listed in London and Hong Kong. As per the Securities and Exchange Board of India's guidelines, IDRs can be issued by companies that have been listed in the home market for a minimum of three years and have registered a profit in at least three of the five years before the issue.