Standard Chartered's Indian share offering opens

The UK's Standard Chartered Bank on Tuesday began selling its shares in India, in the first initiative of its type there by an overseas firm.

It is selling shares through a method known as Indian Depository Receipts (IDRs), which show ownership of shares in an overseas firm.

The price band for the offering is 100 (£1.47; $2.10) to 115 rupees per IDR.

The bank, which makes most of its profits in Asia, will issue 240 million IDRs through the offer.

Buyers of the certificates earn bonuses or dividends in the same way as they would as direct owners of Standard Chartered shares.

The bank is aiming to boost its brand and visibility in India, where it opened its first branch more than 150 years ago.

India is Standard Chartered Bank's second-largest and fastest-growing market after Hong Kong.

When the issue closes on Friday, the bank will list its IDRs in June on the Mumbai and the National stock exchanges.