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 was valid during the current June quarter for year ending December 31, 2013.
The redemption window would be open between May 31 and June 7, the filing said. Under SEBI norms, 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.
