Standard Chartered Sells Indian Shares to ICICI, Reliance, HDFC

May 25 (Bloomberg) -- ICICI Prudential Asset Management Co., Franklin Templeton Investments, and four other investors bought shares valued at 3.7 billion rupees ($78.8 million) in Standard Chartered Plc’s first share sale in India.

The other so-called anchor investors are Sundaram BNP Paribas Mutual Fund, Birla Mutual Fund, HDFC Mutual Fund and Reliance Capital, according to a share sale filing by Standard Chartered to the National Stock Exchange late yesterday. The funds bought 15 percent of the total offering, the maximum they can invest, for 104 rupees a share, it said.

Standard Chartered, the largest foreign bank in India by branches, is the first company to sell Indian Depository Receipts, offering about 240 million shares at 100 rupees to 115 rupees each. The bank expects to raise as much as $750 million, Finance Director Richard Meddings said May 14. It counts India as its most profitable overseas market after Hong Kong.

Ten IDRs will represent one share of Standard Chartered, the bank said. Retail investors and employees who don’t bid for more than 100,000 rupees of shares will be eligible for a 5 percent discount to the final price, it said.

UBS AG, Goldman Sachs, JM Financial Services Ltd., Bank of America Corp.’s Merrill Lynch & Co., Kotak Mahindra Capital Co., SBI Capital Markets Ltd. and Standard Chartered-STCI Capital Markets Ltd. are managing the sale.