According to the spokesperson of the British bank, if the sales of its shares go at the upper band within the price band at 100-115 rupees per share, it may bank close $588 million. It may be noted here that the bank has announced a 5% discount for the retail investors for its Indian Depositary Receipts. The offer will open on Tuesday and will close on Friday.

While many big names like UBS AG, Goldman Sachs, JM Financial Consultants, Bank of America-Merrill Lynch, Kotak Mahindra Capital and SBI Capital Markets will be managing the issue for this banking giant in the Indian market, STCI Capital Markets unit will be playing the role of the joint book-running lead manager for the firm.

According to the red herring prospectus of the firm, the company will issue 240 million IDRs wherein every 10 IDRs will represent one share of Standard Chartered Plc.

The share sale is expected to be on the back of the fact that the banking giant is trying to strengthen its position in the emerging markets and with India playing the role of the frontrunner, the banking firm is surely seeing its future in India.