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Wednesday, March 17, 2010

StanChart may file papers for $1b IDR issue by March-end

Standard Chartered, which is planning to raise $1 billion through Indian Depository Receipts (IDR), is likely to file the draft red herring prospectus with the market regulator, Securities Exchange Board of India, by end of March. This will be the first ever IDR issue by any global company.

“We clearly intent to have an IDR offering and we are looking forward to raise up to $1 billion, depending on the market conditions,” Neeraj Swaroop, chief executive officer, Standard Chartered (South Asia) said at the sidelines of a microfinance conference organised by Ficci here on Wednesday.

“We could only have started the process for DRHP filing once the group’s annual results were made public — these were announced on March 3. This (the filing) could happen in the second quarter of 2010 subject to market conditions,” a bank official told Financial Chronicle.

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