RETAIL FUNDS | Tony Chua, India

StanChart taps Templeton Emerging Markets Fund

Lenders holding StanChart's IDR started sourcing anchor investors from foreign investors, local banks and mutual funds.

Standard Chartered is planning to place a portion of its up to $750 million India share issue with anchor investors ahead of the public float, the Mint newspaper reported on Thursday.

Banks handling the Indian Depositary Receipts of Standard Chartered have begun talks with foreign portfolio investors, local banks and mutual funds as part of the effort to bring in anchor investors, the paper said, citing banking sources.

"We have filed the draft red herring prospectus with SEBI and will decide whether and when to launch the offer in due course, subject to market conditions and any necessary approvals," Standard Chartered said in a statement to Reuters, referring to the regulator Securities and Exchange Board of India.

"We cannot comment further on any speculation on the issue."

Potential investors, who the bankers for the IDR have met, include Templeton Emerging Markets Fund, Fidelity International, Birla Sun Life Asset Management, ICICI Prudential Asset Management and State Bank of India, the paper said. "We have met around 50 potential anchor investors so far, but nothing can happen till the capital market regulator clears the bank's application for IDR," the newspaper quoted one banker, who is working on the issue, as saying.

View the full story in Reuters.

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