Standard Chartered Plc today filed a draft red herring prospectus with the Securities Exchange Board of India (SEBI) to raise up to $750 million through an issue of Indian Depositary Receipts (IDRs).

StanChart said the listing and the issue of IDRs, which represent the underlying new ordinary shares of the company, would depend on market conditions and further regulatory approvals.

"Our intention to be the first company to list IDRs demonstrates how important India is to Standard Chartered. India is one of our largest and fastest-growing markets and achieved over $1 billion in profits in 2009. We have a 150-year heritage in India. This is a unique opportunity to raise our profile and allow investors in India to participate in our future," said Peter Sands, group chief executive of Standard Chartered.

StanChart said it would make further announcements on the IDR issue in due course after the completion of SEBI's review of the prospectus and the company's further consideration of the proposal.

Standard Chartered said in a statement that it has demonstrated a consistent track record of sustained financial performance across the markets in Asia, Africa and the Middle East. The bank reported the seventh consecutive year of record income and profit, delivering compound annual growth rates of 19 per cent in income and 22 per cent in profit over the period.

"Against this, StanChart's operations in India have consistently delivered compound annual growth rates of 24 per cent in income and 30 per cent in profit since 2002," the statement said.

The Asia region accounted for over 75 per cent of StanChart's $5.15 billion profit before taxation for the year ended 31 December 2009. India accounted for $1 billion of the bank's total profit.

StanChart said its listing of IDRs, probably the first by an overseas company, is an unequivocal demonstration of the bank's commitment to India. This, it added, "will facilitate a steep change in market visibility and brand value in one of its key markets by significantly increasing the company's profile in India."

"India is one of StanChart's key Asian markets - generating over $1 billion in profit - and the listing provides Indian residents with an opportunity to invest in the company and participate in its growth," the company said in its release.

Standard Chartered has been in India fore over 150 years, having opened its first branch in 1858, and celebrated its 150-year anniversary in 2008.

StanChart has appointed UBS Securities India Private Limited and Goldman Sachs (India) Securities Private Limited as global coordinators; and JM Financial Consultants Private Limited, DSP Merrill Lynch Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited as book running lead managers to the IDR issue.

Standard Chartered-STCI Capital Markets Limited is the co-book running lead manager. J P Morgan Cazenove and UBS Investment Bank will provide additional advice and guidance in connection with the proposed issue, the release said.

StanChart said the offer of IDRs in the UK, if any, will be directed to persons who have professional experience in matters relating to investments who fall within the definition of "investment professionals" and/or high net worth companies and to persons outside the UK only
where permitted by applicable laws.

The IDRs will not be registered under the US Securities Act 1933, as amended or with any securities regulatory authority of any state or other jurisdiction of the US. The IDRs will not also be offered or sold within the US or to, or for the account or benefit of, US persons except in certain transactions exempt from, or not subject to, the registration requirements of the US Securities Act, the release said.

London-based Standard Chartered Plc is listed on both London and Hong Kong stock exchanges and ranks among the top 20 companies in the FTSE-100 by market capitalisation.

The group has been operating in some of the world's most dynamic markets like Asia, Africa and the Middle East for over the past 150 years.

The group also earns around 90 per cent of its income and profits in Asia, Africa and the Middle East, from its wholesale and consumer banking businesses.

The group has approximately 1,700 branches and outlets located in 71 markets.

It employs over 75,000 people across 125 nationalities, nearly half of whom are women. About 70 of the woman employees are represented in the senior management.