StanChart sets IDR price band at Rs 100-115 each

Issue remains opens for subscription between 25 and 28 May 2010

Standard Chartered Plc. has set the price band for its proposed issue of 240 million Indian Depository Receipts (IDRs) at Rs 100-115 each. Retail investors will be allotted shares at 5% discount to the issue price. The issue opens for subscription on 25 May 2010 and closes on 28 May 2010.

The IDRs will be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The bank is already listed in London and Hong Kong.

Ten IDRs will represent one underlying equity share of Standard Chartered Plc. The proceeds of the issue will be added to the overall capital reserves to support the bank's business growth.

Asia-focused British bank Standard Chartered'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. 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.