Standard Chartered files for India listing

30th Mar 2010 07:52

Standard Chartered is moving forward its plans to list in India with the publication of a draft prospectus for an issue of Indian Depository Receipts representing underlying new ordinary shares in the company. The company today filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India in connection with that proposal. The listing of IDRs is subject to market conditions and further regulatory approvals, Standard added."The listing of IDRs - expected to be the first by an overseas company - would be an unequivocal demonstration of the company's commitment to India and will facilitate a step change in market visibility and brand value in one of its key markets by significantly increasing the company's profile in India," the bank said."Our intention to be the first company to list IDRs demonstrates how important India is to Standard Chartered. India is one of our largest and fastest-growing markets and achieved over $1bn in profits in 2009. We have a 150-year heritage in India. This is a unique opportunity to raise our profile and allow investors in India to participate in our future," Peter Sands, group chief executive added.