MUMBAI, Nov 13 (Reuters) - Standard Chartered (STAN.L) (2888.HK) expects to list on the Indian bourses by April next year depending on market conditions, the Economic Times reported on Friday, citing the bank’s group chief executive.
“We are keen to launch the IDR (Indian Depositary Receipts) and are working on the mechanics with the regulators. There are a few wrinkles left but we are largely there,” Peter Sands was quoted as saying.
The newspaper said the bank could raise about $500 million, but added that Sands declined to comment on the size of the issue at a media briefing.
In October, a senior bank official had said it received the Reserve Bank of India’s approval for the offering but was yet file a prospectus with the market regulator. [ID:nBOM502547]
Sands told the paper the IDR, a first by any company, was mainly to show its commitment to India, which contributed about 19 percent to the group’s profit in the first half of the year.
“If this were purely about raising capital, there are so many other ways to do it, as we have demonstrated in the past,” Sands said. “For us, the IDR is much more about reinforcing our commitment to this market, than raising capital.” (Reporting by Bharghavi Nagaraju; Editing by Ranjit Gangadharan)