Public Issue of IDRs - Announ

RNS Number : 7866M

Standard Chartered PLC

30 May 2010

 



NOT FOR ISSUE, RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

Standard Chartered PLC

30 May 2010

Standard Chartered PLC: Public issue and listing of Indian Depository Receipts  - Announcement of issue price per Indian Depository Receipt

Standard Chartered PLC ("Standard Chartered" or the "Company") has completed a successful book-building process for its proposed listing of Indian Depository Receipts ("IDRs"), and has now closed the offer.

The issue price per IDR will be INR 104. A total of 240,000,000 IDRs will be issued producing gross proceeds of approximately INR 24.9 billion (USD 530 million). Every 10 IDRs represents one Standard Chartered ordinary share.

The 24,000,000 new Standard Chartered ordinary shares which will be issued in connection with the IDR issue will be allotted on or around 7 June 2010, with each new ordinary share having a nominal value of USD$0.50.

The IDRs are expected to be listed on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited by 11 June.

Richard Meddings, Group Finance Director, Standard Chartered PLC said:

"The response to the IDR offer has been excellent. We have achieved a book that is well over two times covered against a background of significant equity market volatility.  The IDR listing will further build on our brand presence in India, one of our key markets." 

Note to Editors:

Standard Chartered - leading the way in Asia, Africa and the Middle East

Standard Chartered PLC is a leading international bank, listed on the London and Hong Kong stock exchanges. It has operated for over 150 years in some of the world's most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the bank's growth in recent years.

With approximately 1,700 branches and outlets in more than 70 markets, Standard Chartered offers exciting and challenging international career opportunities for more than 75,000 staff. The bank is committed to building a sustainable business over the long term and aims for the highest standards of corporate governance, social responsibility, environmental protection and employee diversity. This heritage and these values are expressed in its brand promise, 'Here for good'.

For more information, please visit: www.standardchartered.com

Book Running Lead Managers and advisers

The Company has appointed the following financial advisers in relation to the issue of the IDRs: UBS Securities India Private Limited and Goldman Sachs (India) Securities Private Limited (as Global Coordinators); and JM Financial Consultants Private Limited, DSP Merrill Lynch Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited (as Book Running Lead Managers). The Company has appointed Standard Chartered - STCI Capital Markets Limited as a co-Book Running Lead Manager. As corporate brokers to the Company, J.P.Morgan Cazenove and UBS Investment Bank will provide additional advice and guidance in connection with the proposed issue.

The distribution of this announcement and any documents relating to any issue of IDRs in jurisdictions other than India may be restricted by the laws of those jurisdictions and therefore persons into whose possession this announcement and any such document comes should inform themselves about, and observe, any such restrictions. Failure to comply with any such restrictions may constitute a violation of the securities laws of any such jurisdiction. This announcement does not constitute an offer or an invitation to purchase or subscribe for any securities or a solicitation of an offer to buy any securities pursuant to this announcement or otherwise in any jurisdiction in which such offer or solicitation is unlawful. This announcement has been prepared primarily for the purposes of complying with Indian law and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside India.

The statements made in this announcement are made as at the date of this announcement, unless some other time is specified in relation to them, and service of this announcement shall not give rise to any implication that there has been no change in the facts set forth in this announcement since such date. Nothing contained in this announcement shall be deemed to be a forecast, projection or estimate of the future financial performance of Standard Chartered PLC or its group.

Any offer of IDRs will be directed (a) in the UK only to (i) persons who have professional experience in matters relating to investments who fall within the definition of "investment professionals" under Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Financial Promotion Order") and/or (ii) high net worth companies which fall within Article 49 of the Financial Promotion Order, and (b) to persons outside the UK only where permitted by applicable laws (all such persons being referred to as  "relevant persons").  Any such offer must not be acted on or relied on by persons who are not relevant persons. 

The IDRs have not been and will not be registered under the US Securities Act 1933, as amended (the "US Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the US. The IDRs may not be offered or sold within the US or to, or for the account or benefit of, US Persons (as defined in Regulation S of the US Securities Act) except in certain transactions exempt from, or not subject to, the registration requirements of the US Securities Act. The IDRs are being offered and sold outside the US in reliance on Regulation S under the US Securities Act.

Standard Chartered PLC is proposing, subject to market conditions and other considerations, a public issue of Indian Depository Receipts representing its equity shares and has filed a Red Herring Prospectus with the Registrar of Companies. The Red Herring Prospectus is available on the website of SEBI at www.sebi.gov.in and the respective websites of the Book Running Lead Managers at www.ubs.com/indian-dr,www2.goldmansachs.com/worldwide/india, www.jmfinancial.in, www.dspml.com, www.kotak.com, www.sbicaps.com and Co-Book Running Lead Manager at www.standardchartered-wealthmanagers.co.in. Investors should note that investment in IDRs involves risk and for details relating to the same, see the section titled "Risk Factors" of the Red Herring Prospectus.

 

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