StanChart IDR issue subscribed 24 per cent
Standard Chartered Plc's Rs 2,760 crore Indian depository receipts (IDRs) issue was subscribed 24 per cent till afternoon on the last day of bidding on Friday.
By PTI |
NEW DELHI: Standard Chartered Plc's Rs 2,760 crore Indian depository receipts (IDRs) issue was subscribed 24 per cent till afternoon on the last day of bidding Friday. (Watch)
Till 1300 hrs, the issue received bid for 4.89 crore receipts against 20.4 crore shares on offer for the public, thereby getting subscribed 0.24 times, as per the data available with the National Stock Exchange.
British lending major Standard Chartered Plc has come out with a public offer of 24 crore IDRs, which includes 3.6 crore receipts reserved for anchor investors. The banking major has already raised Rs 374 crore through anchor investors.
The issue, which opened on May 25, has been priced in the range of Rs 100-115 a unit. At the upper level of the price band, the country's oldest foreign bank would be able to mop-up Rs 2,760 crore.
So far, the response from investors towards the IDR issue has not been enthusiastic. The offer got subscribed just 11 per cent during the first three days.
Final figures of the demand will be available by the end of today's trade.
An IDR represents ownership in shares of a foreign company that trades in the Indian capital market. An IDR is bought and sold just like a regular stock. Ten IDRs represent one underlying share of the British lender.
The bank is giving a special 5 per cent discount on IDRs to retail investors and employees of the company.
Standard Chartered Bank is the country's largest and the oldest foreign bank. It opened its first branch in April 1858 in Calcutta, and India accounted for over 20 per cent of the bank's profit before tax in the 2009 calendar year.
On the London Stock Exchange (LSE), shares of Standard Chartered were quoting at 16.30 pounds, down 3 per cent in the mid-session.
Till 1300 hrs, the issue received bid for 4.89 crore receipts against 20.4 crore shares on offer for the public, thereby getting subscribed 0.24 times, as per the data available with the National Stock Exchange.
British lending major Standard Chartered Plc has come out with a public offer of 24 crore IDRs, which includes 3.6 crore receipts reserved for anchor investors. The banking major has already raised Rs 374 crore through anchor investors.
The issue, which opened on May 25, has been priced in the range of Rs 100-115 a unit. At the upper level of the price band, the country's oldest foreign bank would be able to mop-up Rs 2,760 crore.
So far, the response from investors towards the IDR issue has not been enthusiastic. The offer got subscribed just 11 per cent during the first three days.
Final figures of the demand will be available by the end of today's trade.
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An IDR represents ownership in shares of a foreign company that trades in the Indian capital market. An IDR is bought and sold just like a regular stock. Ten IDRs represent one underlying share of the British lender.
The bank is giving a special 5 per cent discount on IDRs to retail investors and employees of the company.
Standard Chartered Bank is the country's largest and the oldest foreign bank. It opened its first branch in April 1858 in Calcutta, and India accounted for over 20 per cent of the bank's profit before tax in the 2009 calendar year.
On the London Stock Exchange (LSE), shares of Standard Chartered were quoting at 16.30 pounds, down 3 per cent in the mid-session.
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