StanChart's India share sale to open on 25 May

Standard Chartered Bank's sale of shares in India through Indian Depositary Receipts (IDRs) will open on 25 May and the issue will close on 28 May, the British bank said today.

The sale of IDR shares will be the first such by StanChart in the country.

StanChart will issue 240 million IDRs equivalent to 24 million shares of the bank, according to its red herring prospectus filed with the Securities Exchange Board of India (SEBI).

StanChart has appointed a wholly owned subsidiary of Securities Trading Corporation of India Limited (STCI), STCI Capital Markets, as a co-book running lead manager.

UBS AG, Goldman Sachs, JM Financial Consultants, Bank of America-Merrill Lynch, Kotak Mahindra Capital and SBI Capital Markets are managers to the issue.

StanChart is the country's largest international bank with 90 branches in 33 cities and India is one of the Group's key markets worldwide. Standard Chartered Bank has been in India since opening its first branch in Kolkata, 150 years ago and currently employs about 19,000 in the country.

Standard Chartered - STCI Capital Markets Limited is a leading broking company catering to the financial needs of both institutional as well as retail investors. The company was earlier known as UTI Securities Limited.