Standard Chartered sets price band of IDRs between Rs100 to Rs115

Standard Chartered Plc has set the price band for its proposed issue of 240,000,000 Indian Depository Receipts (IDRs) between Rs100 and Rs115 per IDR.

The issue will open for general subscription on 25 May 2010 and will close on Friday, 28 May, 2010. The final issue price per IDR will be set and announced after the issue closes on 28 May.

A further 5 per cent discount to the final issue price will be available to retail investors and eligible employees subscribing to IDRs under the retail and the employee portion respectively provided their bid amount is not above Rs100,000.

Allotment of the IDRs is expected to be completed by 7 June and listing on the Bombay Stock Exchange and the National Stock Exchange will be completed soon thereafter. Ten IDRs will be considered to represent on underlying share of the company and the new shares issued in aggregate would make up 1.16 per cent of the post-issue paid-up capital of the company.

Standard Chartered with a long-established history across the diverse and fast-growing economies of Asia, Africa and the Middle East celebrated 150 years of its presence in India in April 2008. It set up its first branch in 1858 in Kolkata.