Standard Chartered PLC launches first-ever Indian Depository Receipt "IDR" offer
London and Mumbai, 13 May 2010 -Standard Chartered PLC (the 'Company') will launch the first-ever Indian Depository Receipt (IDR) offer today. The issue of IDRs will allow the Company to boost significantly its market visibility and brand perception in India and will give Indian investors an opportunity to invest in the Company and participate in its growth.
The Company has publicly filed a Red Herring Prospectus with the Registrar of Companies in New Delhi. The offer document contains comprehensive information about Standard Chartered PLC and the public offering as well as final material disclosures on the IDR instrument, for Indian retail, non-institutional and qualified institutional investors.
Standard Chartered has a long-established history across the diverse and fast-growing economies of Asia, Africa and the Middle East. Currently, Indian investors are only able to invest in non-Indian companies and markets in accordance with a prescribed investment limit.
Standard Chartered celebrated its 150th year anniversary in India in 2008, having opened its first branch in 1858 in Kolkata. The issue of IDRs is a powerful symbol of Standard Chartered's commitment to India's future.
Peter Sands, Group Chief Executive said: "Standard Chartered was established in India over 150 years ago, and this heritage is vitally important to us as we continue to grow our market visibility and brand presence in one of our largest markets. I am immensely proud that it is Standard Chartered listing the first-ever IDR, allowing investors in India to participate in our growth."
Approval from the Securities and Exchange Board of India (SEBI) to proceed with the listing on the Mumbai Stock Exchange follows approval of a Draft Red Herring Prospectus, filed with SEBI on 30 March. The amount being raised will depend the pricing of the issue and investor demand.
For further information please contact:
Haya Mashhood
Head, Corporate Affairs
Standard Chartered Bank
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Tel: +974 4248450
Fax: +974 4248111
Mobile: +974 5847178
Email: Haya.Mashhood@sc.com
Notes to Editors
Red Herring Prospectus
Standard Chartered PLC is proposing, subject to market conditions and other considerations, a public issue of Indian Depository Receipts representing its equity shares and has filed a Red Herring Prospectus with the Registrar of Companies. The Red Herring Prospectus is available on the website of SEBI at www.sebi.gov.in and the respective websites of the Book Running Lead Managers at www.ubs.com/indian-dr, www2.goldmansachs.com/worldwide/india, www.jmfinancial.in, www.dspml.com, www.kotak.com, www.sbicaps.com and on the website of the Co- Book Running Lead Manager at www.standardchartered-wealthmanagers.co.in.
Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered PLC is a leading international bank, listed on the London and Hong Kong stock exchanges. It has operated for over 150 years in some of the world's most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank's growth in recent years.
With 1700 branches and outlets in more than 70 markets, Standard Chartered offers exciting and challenging international career opportunities for more than 75,000 staff. The bank is committed to building a sustainable business over the long term and aims for the highest standards of corporate governance, social responsibility, environmental protection and employee diversity. This heritage and these values are expressed in its brand promise, 'Here for good'.
For more information on Standard Chartered, please visit www.standardchartered.com