Having filed the draft red herring prospectus (DRHP) for listing its and India’s first Indian Depository Receipt, Neeraj Swaroop, CEO, Standard Chartered Bank, India, told Hindustan Times that the IDR is not about fund raising but brand building. Excerpts:
On the idea behind the IDR
It is more about strengthening the brand rather than boosting capital. It also states to our stakeholders that we are committed to this market.
On their IDR benefiting others
I hope so. I also hope this will make it easier for the next set of companies to enter Indian markets. I think our move brings Mumbai one step closer towards becoming International Financial Centre.
On regulatory hurdles
Being a first mover, it took some time but we got lot of support from the regulators and without their help it would not have happened.
On growth prospects in India
Considering the growth rate of the economy, we are optimistic about India and our growth here.