Standard Chartered trading marginally higher on investment plans
Standard Chartered PLC, a leading international bank listed on the London, Hong Kong and Mumbai stock exchanges, is planning to invest $500 million in Agricultural Bank of China???s H-Share Initial Public Offering (IPO) in Hong Kong, as a cornerstone investor. Recently, both these banks signed an agreement to collaborate and develop new business opportunities together across Standard Chartered’s international network and Agricultural Bank of China’s extensive domestic network.
The scrip is currently trading at Rs. 107.45, up by 1.05 points or 0.99% from its previous closing of Rs. 106.40 on the BSE.
The stock opened at Rs. 105.95 and has touched a high and low of Rs. 107.95 and Rs. 105.15 respectively. So far 1,61,217 shares were traded on the counter.
The BSE group ‘B’ stock has touched a 52 week high of Rs. 111.05 on 22-Jun-2010 and a 52 week low of Rs. 99.80 on 15-Jun-2010.
Last one week high and low of the scrip stood at Rs. 110.75 and Rs. 105.15 respectively. The current market cap of the company is Rs. 2,588.40 crore.
The promoters holding in the company stood nil while Institutions and Non-Institutions held 31.35% and 68.65% respectively.
The investment is, however, subject to the successful completion of Agricultural Bank of China???s IPO. Meanwhile, the consideration will be financed from Standard Chartered’s internal cash resources and would be for the number of shares with a total value at the offer price of the HK$ equivalent of $500 million.
Agricultural Bank of China is one of the top four commercial banks in China and has the largest domestic distribution network with over 23,000 branches and outlets, servicing approximately 2.6 million corporate customers and 320 million retail customers.
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