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 price range for this inaugural IDR offering at Rs100 to Rs115, which will allow it to raise between Rs24 billion and Rs27.6 billion $510 million to $586 million.

The number of IDRs sold...

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