Standard Chartered 'looking to raise around $580m in India'

24 May 2010

Standard Chartered is seeking to raise more than $580 million from its first-ever share listing in India.

The British bank is to sell 240 million Indian Depositary Receipts (IDRs) at a price starting from 100 rupees ($2.34) from Tuesday, reports the Financial Times.

Investors will have until Friday (May 28th 2010) to buy shares in the offering, which is being managed by a number of firms including Goldman Sachs, Bank of America Merrill Lynch and UBS.

Earlier this month, Peter Sands, group chief executive for Standard Chartered, said the launch of the share listing represented an attempt by the bank to continue to grow its market visibility and brand presence in India.

"I am immensely proud that it is Standard Chartered listing the first-ever IDR, allowing investors in India to participate in our growth," he stated.

Earlier this month, the bank said it had recorded a "very strong start" to 2010, having a record first quarter in terms of both income and profit.

By Asim Shah

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