Subject: Upcoming IDRs - Standard Chartered PLC
Standard Chartered is entering in the indian capital markets with an IDR of 240,000,000 Indian Depository Receipts. Ten 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. Standard Chartered PLC has fixed the price band for its proposed Indian Depository Receipts (IDRs) at Rs.100 - 115 each.
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 IDR opens on May 25, 2010, and closes for subscription on May 28, 2010. IDRs are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).