HDFC Bank completes rare secondary offering

HDFC brings first follow-on ADR offering from the domestic banking sector.

HDFC Bank raised $260 million after new York's close on Thursday January 20, becoming only the second Indian company after Infosys to complete a follow-on ADR offering. Under the lead management of Merrill Lynch and Morgan Stanley, the bank priced the deal at $39.26 - parity to the ADR close and at a 12.5% premium to the Indian spot close of Rs510.

If the greenshoe is exercised, the deal size will be bumped up to...

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