HDFC Bank heads for NYSE

Pre-marketing will begin next week for a second Indian bank hoping to list on the New York Stock Exchange (NYSE).

HDFC Bank, a subsidiary of India's leading mortgage lender, Housing Development Finance Corporation HDFC, is hoping to raise up to $150 million through a Merrill Lynch and Morgan Stanley-led ADR.

The offering, which should begin roadshows the week beginning July 9, will comprise all primary shares entailing little dilution to HDFC's 28% stake. In addition to representing the second Indian bank to seek an NYSE listing, HDFC Bank will be the first Asian...

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