Standard Chartered yesterday confirmed that it will go ahead with its earlier announced sale of Indian depositary receipts IDRs and listing in India, making it the first foreign firm to be publicly traded on India's two major exchanges.
The UK-based bank, which derives more than 90% of its revenues from Asia, the Middle-East and Africa, said it will sell 240 million IDRs in an offering that will run from May 25 to 28. Each 10 IDRs will represent 1 common share, meaning the Indian offering will account for about 1.2% of its overall share capital.
Standard Chartered didn't comment on the size of the offering yesterday, but has earlier said that...
¬ Haymarket Media Limited. All rights reserved.
