Mumbai: HDFC Bank, Indias most valuable lender, has kicked off a share sale to local as well as US-based investors late Monday evening seeking to raise a total of Rs 15,500 crore to strengthen its capital base to support its growth and expansion plans for the next few years.The bank plans to sell shares at Rs 2,169.90 a piece the closing price for the stock on the National Stock Exchange (NSE) on Monday.
Simultaneously, the bank also plans to sell 1.9 crore American Depository Receipts (ADRs) to be sold to US investors in a first share sale in more than three years.This issue will price all through tonight and we should expect it to fully price by tomorrow morning, said a person involved in the deal.
A few days ago the bank raised Rs 8,500 crore by issuing over 3.9 crore shares on a preferential basis to its parent, HDFC, in a first step in raising a total Rs 24,000 crore which was approved by the banks board in December 2017.A transaction document accessed by ET said that the bank could raise a total of Rs 3,750 crore including a base size of Rs 2,000 crore which means that as much as Rs 9,750 crore could be raised through ADRs.
The banks ADRs were trading at around $107 a piece late Monday evening.