Indian Depository Receipt (IDR) holders of Standard Chartered Plc can now covert 25 per cent of their original holding into equity shares of the company.
In a filing to the BSE, the UK-based bank said the redemption of the IDRs into shares is valid during the current April-June quarter for year ending December 31, 2013.
The redemption window would be open between May 31 and June 7, the filing said.
As per the SEBI norms for redemption of IDR, a company can redeem 25 per cent of the originally issued IDRs into shares.
Standard Chartered had issued 24 crore IDRs in 2010 with every 10 IDRs representing one ordinary shares. The bank raised Rs 2,490 crore from the issue, the first such share sale in the country.
The lender, which is the oldest foreign bank in the country, had come out with a public offer of 24 crore IDRs, that include 3.6 crore receipts reserved for the anchor investors. The priceband of the issue was fixed at Rs 100115.
As per the SEBI norms, the bank has to give an option for conversion of 6 crore IDRs into equity shares during the year ending December 2013.
However, the bank said, "as an IDR holder, if you wish to continue to hold and trade in IDRs, no further action is required."
IDR of StanChart closed at Rs 117.65 per unit, down 2.30 per cent in the BSE.
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