StanChart shareholders approve India listing of shares

Stakeholders of Standard Chartered (StanChart) have approved a proposal to allot shares in connection with a planned India listing, the UK-based bank said on Friday.

StanChart had earlier announced plans to raise up to $750 million, in an Indian share listing this year, to raise its profile in one of its biggest markets.

On 30 March 2010, StanChart announced the filing of a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) in connection with the public issue and listing of Indian Depository Receipts (IDRs) representing underlying new ordinary shares in the company.

StanChart, however, said the listing of IDRs was subject to market conditions and further regulatory approvals.

StanChart opened its first branches in Mumbai (Bombay), Kolkata as also Shanghai in China in 1858, followed by Hong Kong and Singapore in 1859.
 
The London-based bank, which has been in India for 152 years and is the largest international bank there with 94 branches and 17,000 staff, is also listed in Hong Kong and London.

StanChard, which weathered the global financial crisis better than most of its rivals, is expanding across Asia, its biggest market.