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 financial institution to raise equity capital this year and as such, will be closely watched.

Bombay-based bankers and analysts believe that the deal will be well received despite the poor performance of its predecessor...

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