With an aim the become the first international company to list on the domestic bourses with the local instrument, Standard Chartered is aiming to raise a whopping $500 million from the Indian market via the 220 million units of the Indian Depository Receipts (IDR).

The Indian arm of the UK based bank has already filed the red herring prospectus with the market regulator, Securities & Exchange Board of India. The company is aiming to get the process completed by the end of the June this year.

In fact, the company is aiming to raise the minimum amount to maintain the much-desired liquidity in the IDRs. As per the Indian regulations, once the bank is able to generate enough liquidity it will have to send the process back to the UK immediately. In fact, the IDRs will then be denominated in the Indian Rupees.

SEBI had framed up the guidelines for the issuance of IDRs for the listing in the Indian market way back in 2006 but the central bank i. e. Reserve Bank of India has finalised rules for issuing them last year.