(Corrects to show subscription level is for public part of offer, not the entire deal)The public portion of UK bank Standard Chartered's offer of Indian depositary receipts was 17 percent covered as of late morning on Friday, the last day of bookbuilding in a deal that drew a sluggish response on its first three days.Standard Chartered's IDR issue is the first, and the bank has said the offering, to raise up to roughly $590 million, is intended more to build its brand and presence in its second-largest market than about raising funds. The offer is being closely watched by other foreign firms with a large consumer presence in Asia's third-largest economy.Investors had bid for roughly 33.92 million of the 204 million IDRs on offer in the public portion of the deal as of around 11 a.m. (0530 GMT) on Friday, with most bids at the lower end of the 100-115 rupees per share price range, stock exchange data showed.Standard Chartered is selling a total of 240 million Indian depositary receipts, of which 36 million were allocated to six anchor investors at 104 rupees apiece on Monday.(Reporting by Prashant Mehra and Tony Munroe)(For more business news on Reuters India click http://in.reuters.com)News posted by www.newsinfoline.com
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