On Monday, Standard Chartered said that its Indian Depository Receipts (IDRs) will be priced at Rs. 104.

The British banking firm has come up with the first IDR in India and said that the price has been fixed for its Rs. 2,490 crore issue. The decision has come after the IDR of the bank got lukewarm response from the Indian investors.

Standard Chartered is one of the oldest banks in India and came out with a public offer of 24 crore IDRs this moth. This includes 3.6 crore receipts, which were reserved for the anchor investor and the price band was fixed between Rs. 100 and Rs. 115.

The issue is to be listed on the Bombay Stock Exchange and the National Stock Exchange on June 11. As per the ratio provided by the bank, every 10 IDRs would represent one stock of Standard Chartered Plc.

The shares of the bank will be allotted on June 7 with the ordinary shares having a nominal value of $0.50. The issue was opened for subscription on May 25-28.