Standard Chartered PLC is to offer 22 cr IDR’s or Indian Depository Receipts. The company filed its DRHP or draft red herring prospectus with SEBI today. The exchange ratio for each IDR is one is to one which means that one IDR is one share. The face value of each share is US dollar 0.50 or 50 cents.
This would probably be the first time that shares of a foreign company are being offered to Indian investors. The present issued capital of the company is 202,81,92,590 shares or 202.82 cr shares.
Some interesting facts about the issuer company to give a sense of the size of the bank. Its average market capitalisation for the year 2009 was US$ 37,924 million and the group profit after tax was US$ 3,477 million. Its earnings per share on a fully diluted basis is 165.3 cents per share. If one were to simply convert into rupees on a face value of Rs 22.5, its earnings are Rs 74.38. to make it further simpler if the face value was Rs 10, the earnings are Rs 33.06. For comparison purposes India’s largest PSU bank SBI has an EPS of about Rs 155 while private bank HDFC Bank has an EPS of about Rs 62 on nine months annualised basis.Standard Chartered is listed in the UK and Hong Kong.