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Britain-based Standard Chartered aims to launch its share sale in India in two weeks and hopes to raise about $600 million, the Economic Times reported on Tuesday, citing people close to the transaction.The bank, which is also listed in Hong Kong, will issue around 240 million Indian Depositary Receipts, with each group share representing 10 India shares, the newspaper said, quoting the unnamed sources.The issue will be open May 25-28, it said.A spokeswoman at Standard Chartered in India did not respond to phone calls seeking comment on the report.Standard Chartered had previously said it planned to raise up to $750 million with an Indian share listing this year to raise its profile in what may soon become its biggest market.The largest international bank in India, where it has been for 152 years, has 94 branches and 17,000 staff in the country. It is expanding across Asia after weathering the financial crisis better than most rivals.The bank has hired UBS AG, Goldman Sachs, JM Financial Consultants, Bank of America-Merrill Lynch, Kotak Mahindra Capital and SBI Capital Markets to manage the offering.StanChart has appointed its STCI Capital Markets unit as a co-book running lead manager.The Economic Times said the roadshows for the issue would begin from May 13 to cover 10 cities across India, and could also be held overseas in places such as Singapore and Hong Kong.(Reporting by Sumeet Chatterjee; Editing by Ranjit Gangadharan)(For more business news on Reuters Money visit http://www.reutersmoney.in)
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