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Thursday, May 13, 2010

StanChart says India share sale to open May 25-28

Britain-based Standard Chartered's share sale in India will open from May 25 to 28, the bank said on Thursday.

The sale of shares through Indian Depositary Receipts (IDRs) will be the country's first such issue. StanChart will issue 240 million IDRs, with every 10 IDRs representing one share of Standard Chartered Plc., according to its red herring prospectus.

The bank has hired UBS AG, Goldman Sachs, JM Financial Consultants, Bank of America-Merrill Lynch, Kotak Mahindra Capital and SBI Capital Markets to manage the offering.

StanChart has appointed its STCI Capital Markets unit as a co-book running lead manager.

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