Standard Chartered Bank to raise $1 billion through IDR
Standard Chartered Bank plans to raise at least $1 billion through an Indian Depository Receipts (IDR) issue in the local markets.
According to latest reports, the lender has already appointed JM Financial and UBS AG as lead managers for what could be the first IDR issue by a global player.
Apart from this, the bank has also appointed Goldman Sachs, Bank of America and Kotak Mahindra to manage the issue.
It should be noted that Standard Chartered has the largest presence among foreign banks in the country with over 80 branches. In addition, lender’s Indian unit is also the second-biggest contributor to group profit at 21%.
Earlier this week, Adani Power filed a draft prospectus for an initial public offer to raise $400-$500 million, encouraged by a six-week rally in stock markets.
