Standard Chartered Bank shares are traded on the London stock Exchange and the Hong Kong Stock Exchange. Yesterday Hong Kong was closed and on the London stock exchange one saw huge volatility. The Standard Chartered Bank fluctuated between 1619 pence and 1540.50 pence. The previous day’s close was 1618 pence and the stock closed at 1613 pence down 5 pence. The conversion rate for GBP to Rupees is 67.8023 which translates into closing price in Rupees is Rs 1093.65 or say Rs 1094. Each IDR will represent 1/10th of a share therefore the closing price equivalent would be Rs 109.40 per IDR.

The likely price band would constitute a discount of about 6% at the lower band and a premium of about 2% at the upper band. This would effectively mean the likely price band would be between Rs 103 and Rs 111. The price band would be announced by way of a public announcement in the newspapers on Monday the 24th of May and the issue would open on Tuesday the 25th of May and close on Friday the 28th of May. Retail investors will be eligible for a discount of 5% on the allotment price.

The issue would be analysed over the weekend.