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  • Standard Chartered PLC IDRS Basis of Allotment

      


    Standard Chartered PLC

    (Incorporated in England and Wales on 18 November 1969 and registered as a public limited company under company number 00966425. The Company changed its name from Standard Chartered Bank Public Limited Company to Standard Chartered PLC on 1 January 1985.)
    Registered Office: 1 Aldermanbury Square, London EC2V 7SB, www.standardchartered.com

    BASIS OF ALLOTMENT

    ISSUE OF 240,000,000 INDIAN DEPOSITORY RECEIPTS ("IDRs") AT AN ISSUE PRICE OF Rs.104* PER IDR WITH EVERY 10 IDRS REPRESENTING ONE SHARE OF STANDARD CHARTERED PLC OF US$0.50 NOMINAL VALUE AGGREGATING TO Rs. 24,863.47 MILLION (THE "ISSUE").
    THE ISSUE PRICE IS Rs. 104* PER IDR
    THE COMPANY HAS ALLOTTED 36,000,000 IDRS TO ANCHOR INVESTORS AT Rs.104 PER IDR IN ACCORDANCE WITH THE SEBI REGULATIONS.

    In accordance with Regulation 98 of the SEBI Regulations, the Issue was made through a 100% Book Building Process where at least 50% of the Issue has been Allotted to QIBs on a proportionate basis. The Company Allotted 10.36% of the QIB Portion to Anchor Investors on a discretionary basis. 5% of the QIB Portion (excluding the Anchor Investor Portion) was available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion was available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids having been received at or above the Issue Price. Furthermore, not less than 18% of the Issue was available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Issue was available for allocation on a proportionate basis to Retail Individual Bidders. Further, not less than 2% of the Issue was available for allocation on a proportionate basis to Eligible Employees, subject to valid Bids having been received from them at or above the Issue Price, in the Employee Portion. Under-subscription, if any, in any category except the QIB Portion, was allowed to be met with spill-over from any other category or combination of categories at the discretion of the Company in consultation with the BRLMs and the Designated Stock Exchange. The Issue received 43387 applications for 481615430 IDRs resulting in the Issue having a 2.01 times subscription level. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional Investors, Retail Individual Investors, Eligible Employees and Anchor Investors are as under: (Before technical rejections)

    * A discount of Rs. 5.20 being 5% to the Issue Price has been offered to Retail Individual Investors and Eligible Employees whose Bid Amount did not exceed Rs. 100,000.

    Category No. of Applications No. of IDRs No. of times subscription
    A Retail Individual Bidders 40604 17454230 0.22
    B Non Institutional Bidders 698 79602800 1.30
    C Qualified Institutional Bidders 116 347624000 2.77
    D Employees 1953 934400 0.18
    E Anchor Investors 16 36000000 1.00

    Total

    43387 481615430 2.01

    Final Demand

    A sample of the final demand at different bid prices is as follows:

    Bid Price No. of IDRs % to total Cumulative Total Cumulative % of Total
    100 26234400 4.52 26234400 4.524
    101 29400 0.01 26263800 4.53
    102 35800 0.01 26299600 4.536
    103 9800 0.00 26309400 4.537
    104 222283800 38.34 248593200 42.873
    105 87317600 15.06 335910800 57.932
    106 69678600 12.02 405589400 69.949
    107 953000 0.16 406542400 70.113
    108 28354600 4.89 434897000 75.004
    109 7600 0.00 434904600 75.005
    110 699200 0.12 435603800 75.125
    111 6304800 1.09 441908600 76.213
    112 7400 0.00 441916000 76.214
    113 16756200 2.89 458672200 79.104
    114 5000 0.00 458677200 79.105
    115 105748000 18.24 564425200 97.342
    Cut-off price 15409800 2.66 579835000 100

    The Basis of Allotment was finalized in consultation with the Bombay Stock Exchange Limited ("BSE") on June 7, 2010.

    A. Eligible Employees

    The Basis of Allotment to the Eligible Employees, who have bid at cut-off or above the Issue Price of Rs.104/- per IDR was finalized in consultation with BSE (5% discount on the Issue Price was given to the Eligible Employees and hence the Issue Price for this category is Rs. 98.80 per IDR). The total number of IDRs allotted in this category is 873,400. The undersubscribed portion of 3,926,600 IDRs have been spilled over to QIBs, Non-Institutional Bidders and Retail Individual Investor Category in the ratio of 25:9:15 respectively.

    B. Allotment to Retail Individual Investors (After Technical Rejections) (Including ASBA Applications)

    The Basis of Allotment to the Retail Individual Investors, who have bid at cut-off or above the Issue Price of Rs.104/- per IDR, was finalized in consultation with BSE (5% discount on the Issue Price was given to the retail individual investors and hence the offer price for this category is Rs.98.80 per IDR). This category has been subscribed to the extent of 0.22 times and hence allotment was done on full and firm basis to all valid applicants. There were 8636 applications for 3,420,400 IDRs made under ASBA process. 8,225 applications for 3,284,400 IDRs were found valid and they were considered for allotment on full and firm basis. The total number of IDRs subscribed and allotted in Retail Individual Investor category is 16,819,400 IDRs which were allotted to 38906 successful applicants. The unsubscribed portion of 56,382,620 IDRs have been added to QIB and Non Institutional Category in the ratio of 25:9.

    C. Allotment to Non Institutional Investors (After Technical Rejections)

    The Basis of Allotment to the Non-Institutional Investors, who have bid at cut-off or at the Issue Price of Rs.104/- per IDR, was finalised in consultation with BSE. This category has been over-subscribed by 1.30 times. 481 applications for 76,565,000 IDRs were found valid and they were considered for allotment. The total number of IDRs allotted in this category was 58,846,023 (including 721,212 IDRs being 9/49 portion of the unsubscribed portion of employee reservation and 14,924,811 IDRs being 9/34 portion of the unsubscribed portion of Retail Individual Investors) to 481 successful applicants.

    D. Allotment to QIBs

    2,003,368 IDRs being 25/49 portion of the unsubscribed portion of employee reservation and 41,457,809 IDRs being 25/34 portion of the unsubscribed portion of Retail Individual Investors were added to the QIB category. Allotment to QIBs has been done on a proportionate basis in consultation with BSE. As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of IDRs available i.e. 4,200,000 and the remaining available IDRs i.e. 79,800,000.

    Category Fls/Banks Flls MFs ICs VCs Others Total
    No.of IDRs 12303964 88214988 62942225 ... ... 76538823 240000000

    E. Anchor Investors

    The Company allotted 36,000,000 IDRs to 16 Anchor Investors in consultation with the Lead Managers.
    The Standard Chartered Domestic Depository at it's Meeting held at Hyderabad on June 7, 2010 has approved the basis of Allotment of IDRs of the Issue and has allotted the IDRs to various successful applicants.

    The CAN-cum-Refund Orders and allotment advice and/ or notices have been dispatched to the address of the investors as registered with the depositories on or prior to June 9, 2010.Further, the instructions to Self Certified Syndicate banks have been dispatched on or prior to June 9, 2010. In case the same is not received within ten days, investors may contact the Registrar to the Issue at the address given below. The Refund Orders have been over-printed with the Bank Account details as registered, if any, with the depositories. The IDRs allotted to successful applicants have been credited to their beneficiary accounts subject to validation of the account details with the depositories concerned.

    Commencement of Trading: The IDRs are expected to be admitted for trading on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited on June 11, 2010 subject to receipt of necessary approvals.

    INVESTORS PLEASE NOTE

    These details of the allotment made would be hosted on the website of Registrars to the Issue, Karvy Computershare Private Limited at http://karisma.karvy.com

    All future correspondence in this regard may kindly be addressed to the Registrars to the issue quoting full name of the First/ Sole applicant, Serial number of the bid-cum-application form, number of IDRs bid for, name of the Member of the Syndicate and Place where the bid was submitted and payment details at the address given below:

    Karvy Computershare Private Limited
    Unit: STANDARD CHARTERED PLC
    Plot No. 17 to 24, Vitharao Nagar, Hitech City Road, Madhapur, Hyderabad - 500081.
    Fax: 040-23420814, Email: einward.ris@Karvy.com

    TOLL FREE - HELPLINE NUMBER
    1-800-3454001

    Place : Mumbai
    Date : June 10, 2010

    For Standard Chartered PLC
    Sd/-
    Kanchan Bhave
    Company Secretary