Standard Chartered to go ahead with Indian listing

The UK-based bank will be the first foreign company to sell Indian depositary receipts and the first to be publicly traded on India's two major exchanges.

Standard Chartered yesterday confirmed that it will go ahead with its earlier announced sale of Indian depositary receipts IDRs and listing in India, making it the first foreign firm to be publicly traded on India's two major exchanges.

The UK-based bank, which derives more than 90% of its revenues from Asia, the Middle-East and Africa, said it will sell 240 million IDRs in an offering that will run from May 25 to 28. Each 10 IDRs will represent 1 common share, meaning the Indian offering will account for about 1.2% of its overall share capital.

Standard Chartered didn't comment on the size of the offering yesterday, but has earlier said that...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222