Standard Chartered PLC files draft prospectus for the first ever IDR issue

Standard Chartered PLC has on March 30, 2010 filed a draft prospectus with SEBI to raise up to USD 750 million (around Rs 3,375 crore) through Indian Depository Receipts (“IDR”). If successful, this would be the first time that an MNC is raising capital from India through IDR route.

Even though the Companies (Issue of Indian Depository Receipts) Rules, 2004 were issued in 2004, no foreign company had so far issued IDRs in India for raising capital. Later these rules were relaxed in 2007 in order to make IDR route attractive to the foreign companies. Apart from these rules, chapter X of the SEBI (ICDR) Regulations, 2009 contains the regulations in relation to the issue of IDRs in India.

A copy of the draft prospectus is available here.