StanChart IDR price band fixed at Rs. 100-115

Mumbai: Standard Chartered PLC has fixed the price band for its proposed issue of 24 crore Indian Depository Receipts (IDRs) at between Rs. 100 and Rs. 115. The issue opens for general subscription on May 25 and will close on May 28 following which the final issue price per IDR will be set and announced.

The allotment of the IDRs is scheduled to be completed on June 7 and the IDRs would be listed on the Bombay Stock Exchange and National Stock Exchange thereafter. Retail investors and eligible employees subscribing to IDRs under the retail and the employee portion respectively, and whose bid amount does not exceed Rs. 1 lakh, will get a five percent discount to the final issue price.

Ten IDRs will represent one underlying share of the bank and the new shares issued in aggregate would constitute 1.16 percent of the post-issue paid-up capital of the bank. The book running lead managers to the IDR issue are UBS Securities India and Goldman Sachs (India) Securities; and JM Financial Consultants, DSP Merrill Lynch, Kotak Mahindra Capital and SBI Capital. Standard Chartered - STCI Capital Markets is a co-book running lead manager.