StanChart prices offer at Rs104 per Indian depositary receipts

Standard Chartered priced its Indian depositary receipts (IDRs) at the lower end of the indicated range on Sunday, the British bank said, raising about $530 million in the first issue of its kind.

Standard Chartered sold 240 million depositary receipts at Rs104 each in an offering that closed on Friday, compared with a price range of Rs100-115. On Monday it had allocated 36 million of those shares to a group of cornerstone investors.

Standard Chartered, which counts India as its second-biggest profitable market, will list the IDRs on the local stock exchanges on June 11.