The public portion of UK bank Standard Chartered’s sale of Indian depositary receipts was 24 per cent covered as of 1.05 pm (0735 GMT) on Friday, on the last day of book building in a deal that drew sluggish response on its first three days, exchange data showed.

Of the 204 million shares it was selling to the public, 48.99 million had been subscribed, exchange data showed. Standard Chartered is raising up to about $590 million in total. It placed 36 million shares to six anchor investors at Rs 104 apiece on Monday.

The issue of StanChart Bank, comprising 24 crore IDRs, will open for public subscription on May 25 and close on May 28, following which the final issue price per IDR will be set, Standard Chartered Plc said in a statement.

IDRs are derivative instruments that derive their value from the shares deposited with custodians. The foreign company will deposit shares with a custodian, who will issue depository receipts based on these shares.

Retail investors whose bid amount does not exceed Rs 1,00,000, will benefit from a further 5 per cent discount on the final issue price.

Allotment of the IDRs is scheduled to be completed by June 7, 2010, with listing on the Bombay Stock Exchange and the National Stock Exchange shortly thereafter, it said

source: BusinenssStandard

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