Standard Chartered IDR sale attracts top Indian funds

The UK-based bank sells 15% of the offering to anchor investors and sets a price range that will allow it to raise up to $586 million ahead of the first-ever foreign company listing in India.

Standard Chartered's sale of Indian depositary receipts IDRs is off to a good start after the offering yesterday attracted the interest of some of India's largest and most high-profile institutions. The UK-based bank, which is set to become the first foreign company to list in India, sold 36 million IDRs to a group of anchor investors who had the chance to place their orders before the official opening of the deal today.

The bank also set the...

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