|
|
RBI has given Standard Chartered the approval for issuing Indian depositary Receipts. The reports have come in the Economic Times on Monday.
Standard Chartered, which receives 19% of its profit from India, has been permitted for raising up to 5% of the capital from one IDR issue. But subscriptions from investors, who want to borrow for investing in the offering, cannot be accepted.
Britain-based Standard Chartered will decide on the launch time of the service, states the paper adding that it has plans for raising about $500 million.
"Standard Chartered is very interested in the possibility of issuing and listing IDRs in India in the future. We have been working closely with the Indian regulators on this and on our own," a bank spokesman in India told.
"Once we are in a position to proceed, a decision will be based on market conditions and other considerations and we would make an announcement in the usual way in accordance with our listing obligations."
RBI officials remained unavailable for any comments.
