StanChart prices India offer at RS 104 per IDR | business | Hindustan Times
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StanChart prices India offer at RS 104 per IDR

business Updated: May 30, 2010 15:59 IST
Reuters
Standard Chartered

Standard Chartered priced its Indian depositary receipts (IDRs) at the lower end of the indicated range on Sunday, the British bank said, raising about $530 million in the first issue of its kind.

Standard Chartered sold 240 million depositary receipts at Rs 104 each in an offering that closed on Friday, compared with a price range of Rs 100-115. On Monday it had allocated 36 million of those shares to a group of cornerstone investors.

Standard Chartered, which counts India as its second-biggest profitable market, will list the IDRs on the local stock exchanges on June 11.