*The bank sold 240M depositary receipts at Rs 104 each in a public offering. The IDRs will be listed on June 11.*
British bank Standard Chartered raised about $530 million after pricing its Indian depositary receipts (IDRs) towards the lower end of the indicated range on Sunday in the first issue of its kind. Standard Chartered will list the IDRs on the local stock exchanges on June 11. Standard Chartered sold 240 million depositary receipts at 104 rupees each in a public offering that closed on Friday, compared with a price range of 100-115 rupees. On Monday it had allocated 36 million of those shares to a group of cornerstone investors. The bank's sale of Indian shares ended successfully after volatile global markets and a new payment rule weighed on demand during its first three days. Investors bid for about 2.2 times the 204 million IDRs on offer to the public. Every 10 IDRs represent one share of Standard Chartered Plc. The bank said in a statement on Sunday it would allot the 24 million new shares, to be issued in connection with the IDR issue, on or around June 7. StanChart's was the first IDR issue, and the emerging markets-focused bank has said the offering was aimed more at building its brand and presence in its second-largest market by profit than about raising funds. If the listing proves a success, it may prompt other foreign companies with a large consumer presence in India to make similar offerings. StanChart's profit in India rose by 19 percent to $1.06 billion last year, contributing 21 percent of the group earnings and ranking India fractionally behind Hong Kong as its biggest profit contributor. The largest international bank in India, where it has had a presence for 152 years, StanChart has 94 branches and 17,500 staff in the country. It is expanding across Asia after weathering the financial crisis better than many rivals. UBS AG, Goldman Sachs, JM Financial Consultants, Bank of America-Merrill Lynch, Kotak Mahindra Capital and SBI Capital Markets managed Standard Chartered's offering. (Editing by Hans Peters) -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
