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MUMBAI - BRITAIN-BASED Standard Chartered Bank announced plans on Tuesday to raise more than US$500 million (S$699.6 million) in India through the fundraising initiative of its kind by an overseas company.
The bank said it will raise the money by issuing Indian Depositary Receipts - rupee-denominated certificates showing ownership of shares in Standard Chartered similar to US American Depository Receipts.
The offering by Asia-focused Standard Chartered marked the first time in India an overseas company has announced plans to sell Indian Depository Receipts.
Other foreign companies, such as consumer goods giant Unilever, have issued shares of their wholly owned local subsidiaries on the Bombay stock exchange.
'Our intention to be the first company to list IDRs (Indian Depositary Receipts) demonstrates how important India is to Standard Chartered,' the banking group's chief executive Peter Sands said.
'India is one of our largest and fastest-growing markets and achieved over one billion dollars in profits in 2009,' he said in a statement. -- AFP
The bank said it will raise the money by issuing Indian Depositary Receipts - rupee-denominated certificates showing ownership of shares in Standard Chartered similar to US American Depository Receipts.
The offering by Asia-focused Standard Chartered marked the first time in India an overseas company has announced plans to sell Indian Depository Receipts.
Other foreign companies, such as consumer goods giant Unilever, have issued shares of their wholly owned local subsidiaries on the Bombay stock exchange.
'Our intention to be the first company to list IDRs (Indian Depositary Receipts) demonstrates how important India is to Standard Chartered,' the banking group's chief executive Peter Sands said.
'India is one of our largest and fastest-growing markets and achieved over one billion dollars in profits in 2009,' he said in a statement. -- AFP
Do me a favor, get ISD to arrest him so that after that you will be disappointed to know i am not him and will still continue to ass you here. 
