Britain's Standard Chartered lists in Mumbai through IDRs

11th June 2010, Comments 0 comments

British bank Standard Chartered listed its Indian Depository Receipts (IDRs) at 105 rupees in debut trading on the Mumbai stock exchange on Friday, marginally above its issue price of 104 rupees.

The bank, which makes most of its profits in Asia, last month raised 530 million dollars through the first ever sale of IDRs.

IDRs are rupee-denominated certificates similar to US Depository Receipts that show ownership of shares in an overseas firm, with every 10 IDRs representing one Standard Chartered share.

Foreign companies are not allowed to list shares directly in India.

The Standard Chartered IDR rose to a day's high of 108, before retracing to 105.1 in morning trade, as the broader benchmark 30-share Sensex was up 0.9 percent.

India is the bank's second largest and fastest-growing market after Hong Kong, with profit in excess of one billion dollars in 2009.

Standard Chartered is the largest international bank in India in terms of branches, where it has had a presence for 152 years. The bank now operates 94 branches in India with a staff of 17,500 people.

© 2010 AFP

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