Standard Chartered IDR Opens At INR105 Vs INR104 Issue Price

11th Jun 2010 04:45

MUMBAI (Dow Jones)--Standard Chartered PLC's (STAN.LN) Indian Depository Receipt offering opened almost flat Friday, at INR105 against its issue price of INR104. Volume hit more than 2.3 million shares in the first few minutes of trade. The Asia-focused bank, also listed in London and Hong Kong, is the first foreign company to issue IDRs in the Indian market. At 0340 GMT, Standard Chartered's IDRs were trading at INR104.90, up 0.9%, while the Bombay Stock Exchange's benchmark 30-stock Sensex was also 0.9% higher. 10 IDRs represent one underlying Standard Chartered share. The bank sold 240 million IDRs--including 36 million shares set aside for anchor investors--receiving bids for 2.2 times the book. -By John Satish Kumar, Dow Jones Newswires; 91 22 6145 6119; [email protected] (END) Dow Jones Newswires June 10, 2010 23:45 ET (03:45 GMT)