StanChart gets RBI nod to list on Indian bourses

StanChart gets RBI nod to list on Indian bourses

Mumbai: British bank Standard Chartered Plc has got Reserve Bank of India’s (RBI) approval to list on Indian stock exchanges, but the bank is yet to approach market regulator Sebi for selling its depository receipts, a top bank official said.

“There is an approval which has come from the RBI," Standard Chartered chief executive India & South Asia Neeraj Swaroop told reporters here.

“But there are certain conditions which we are in discussions about. We will engage with both RBI and Sebi and we should announce it at the right time," Swaroop said.

The London-listed bank has not yet filed a prospectus with Sebi for its issue of India Depository Receipt (IDR).

“We have not filed any prospectus with Sebi. It’s still too early to talk about the size of the IDR. I cannot give you a date (of filing the prospectus) because it will depend on a lot of factors, both external and internal," Swaroop said.

Standard Chartered raised $1.6 billion in August by issue of new shares to support its business growth in emerging markets.

The bank, earlier this month, said it is no longer in discussion with the Royal Bank of Scotland Group Plc to buy RBS’ Indian assets.