StanChart to issue first ever IDR

The price band for the issue will be fixed and declared on May 24,during which the closing price of SC Plc as on London Stock Exchange will be taken into consideration.

8220;It will be a historic moment for us when the issue of 24 crore IDR8217;s opens on May 25. Every 10 IDR8217; will be representing one share of Standard Chartered Plc,8221; Standard Chartered Chief Executive India and South Asia Neeraj Swaroop said.

Like American Depository Receipts ADRs where Indian Companies raise resources overseas,IDR8217;s enables foreign origin companies to do the same from India.

8220;The IDR8217;s will be listed both on Bombay Stock Exchange and National Stock Exchange,and investors will have the option to convert them into shares after one year,8221; he said.

8220;The issue price will be at a discount of 5 per cent for the retail investors,over institutional investors,8221; Neeraj said.