Moneycontrol Bureau
Standard Chartered Plc, which listed in June 2010 and the only company with IDR-listed, gained as much as 3 percent intraday on Friday after the company said it would redeem six crore Indian Depository Receipts (IDRs) into equity shares during the quarter.
The company issued 24 crore IDRs with every 10 IDRs representing one ordinary share of USD 0.5 nominal value of the company in June 2010.
According to SEBI circular of two-way fungibility of IDRs dated March 1, 2013, the company is required to submit detailed operating guidelines for redemption of IDRs into shares and conversion of shares into IDRs, to the stock exchanges at least one month prior to implementation.
Accordingly, in 2013, the company had redeemed six crore IDRs, representing 25 percent (on annual basis) of the originally issued IDRs.
Now for the year 2014, Standard Chartered made available the annual limit of 25 percent of the IDRs, being 6 crore IDRs, for redemption into shares in the first quarter ending March 31, 2014.
Redemption window will open on March 21 and close on March 28 with the tendering for 10 IDRs or multiples of 10 thereafter.
At 12:09 hours IST, the stock was up 0.32 percent to Rs 124.50 on the Bombay Stock Exchange.
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