StanChart tags Indian Depository Receipts at $2.13-$2.44

Sources said India’s largest international lender is offering 240mln IDRs to raise up to $587.42mln.

Asia-focused bank Standard Chartered PLC on Sunday priced its proposed issue of Indian Depository Receipts in the INR100-INR115 ($2.13-$2.44) band, two bankers involved in the transaction said.

Retail investors will be offered a 5% discount to buy the IDRs, the bankers, who asked not to be named, told Dow Jones Newswires.

The London-headquartered bank is issuing 240 million IDRs to raise up to INR27.6 billion ($587.42 million) in the upper band.

The sale will open May 25 and close May 28.

The bank, which is listed in London and Hong Kong, derived 12% of its income from India in 2009 and the country contributed $1.06 billion of its $7.23 billion operating profit last year, ranking only behind Hong Kong.

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