StanChart raises $530m in India share sale
Tuesday, 1 June 2010
MUMBAI, May 31 (Reuters): British bank Standard Chartered raised about $530 million after pricing its Indian depositary receipts (IDRs) towards the lower end of the indicated range on Sunday in the first issue of its kind.
Standard Chartered will list the IDRs on the local stock exchanges on June 11.
Standard Chartered sold 240 million depositary receipts at 104 rupees each in a public offering that closed Friday, compared with a price range of 100-115 rupees.
On Monday, it had allocated 36 million of those shares to a group of cornerstone investors. The bank's sale of Indian shares ended successfully after volatile global markets and a new payment rule weighed on demand during its first three days. Investors bid for about 2.2 times the 204 million IDRs on offer to the public.
Standard Chartered will list the IDRs on the local stock exchanges on June 11.
Standard Chartered sold 240 million depositary receipts at 104 rupees each in a public offering that closed Friday, compared with a price range of 100-115 rupees.
On Monday, it had allocated 36 million of those shares to a group of cornerstone investors. The bank's sale of Indian shares ended successfully after volatile global markets and a new payment rule weighed on demand during its first three days. Investors bid for about 2.2 times the 204 million IDRs on offer to the public.