StanChart okays India listing bid

Shareholders give approval for up to $1bln IDR offering while seeking anchor investors.

Global banking major Standard Chartered Plc has said its shareholders have approved the sale of shares for a planned India listing to raise up to $1 billion.

Standard Chartered Bank in March said it plans to raise between $500 million and $1 billion by June through Indian Depository Receipts issued by parent entity Standard Chartered Plc.

The bank has said that its shareholders have approved plans to allot shares in connection with a planned India listing at the company's Annual General Meeting on May 7.

"We remain keen to pursue our intent to have an IDR offering ... we are looking at quarter two (April-June 2010) and we are looking at $500 million to $1 billion," Standard Chartered Bank (South Asia) chief executive Neeraj Swaroop had said.

The foreign banking major, which has its presence in India for 150 years, is the first entity to seek to list IDRs.

View the full story in Economic Times.