InfoAnda - Standard Chartered raises 530 million dollars in India sale

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Standard Chartered raises 530 million dollars in India sale AFP - Monday, May 31 Send IM Story Print Standard Chartered raises 530 million dollars in India sale Slideshow: Full Photo Coverage: Business & Economy MUMBAI (AFP) - – British bank Standard Chartered on Sunday said it had raised 530 million dollars through a first-of-a-kind sale of shares in India. The lender, which makes most of its profits in Asia, will issue 240 million Indian Depository Receipts (IDRs) at a price of 104 rupees each, the bank said in a statement. The bank's offering, which closed Friday, was more than twice oversubscribed, with interest coming from institutional investors and "high-net worth individuals". Foreign companies are not allowed to list shares directly in India and Standard Chartered, which makes most of its profits in Asia, is the first foreign company to list in the country through the IDR route. IDRs are rupee-denominated certificates similar to US Depository Receipts that show ownership of shares in an overseas firm, with every 10 IDRs representing one Standard Chartered share. Allotment of the shares is expected on or around June 7, the bank said. The IDRs are expected to be listed at the Bombay Stock Exchange Limited and National Stock Exchange of India Limited by June 11. "The response to the offer has been excellent. We have achieved this against a background of significant equity market volatility," said Richard Meddings, Standard Chartered bank's group finance director. India is the bank's second largest and fastest-growing market after Hong Kong, with profit in excess of one billion dollars in 2009. Standard Chartered is the largest international bank in India, where it has had a presence for 152 years. the bank now operates 94 branches in India with a staff of 17,500 people. Recommend Send IM Story Print Related Articles China's Wen maintains 'sense of crisis' on economy AFP - 18 minutes ago Indian growth higher than expected AFP - 42 minutes ago Honda says 'some progress' in talks with China strikers AFP - 46 minutes ago Japan factory output up 1.3 percent in April AFP - 2 hours 39 minutes ago China, HK property retains allure despite wobbles AFP - Monday, May 31 News Search Top Stories BP rushes new plan to stem Gulf oil leak Celine Dion pregnant with twins: report England football hopefuls wait on Capello call Fed's Bernanke urges G20 to pull together reforms Clashes as Israeli forces storm Gaza aid boat: Hamas TV More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Egypt unearths tomb of pharaonic army chief The point about pain: New study sheds light on acupuncture Aid ships set out to bust Gaza blockade Celine Dion pregnant with twins: report Lindsay Lohan wants a Chanel alcohol tag More Most Viewed » Scientists stunned as grey whale sighted off Israel Hubble catches planet being devoured by its star Earth may be too hot for humans by 2300: study Ocean fish could disappear in 40 years: UN Paris museum burglar grabs 120-million-dollar art haul More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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