HDFC Bank raises $1.6b from share sale

HDFC Bank is the latest Indian company to tap equity capital markets, with the successful share sale expected to spur more ECM activity in the first half.

India’s HDFC Bank raised $1.6 billion after a dual-share sale in the US and India, capitalising on strong domestic markets to complete the placement.

The private-sector bank sought to raise up to $1.2 billion by selling approximately 22 million American Depository Receipts for the US portion, according to people close to the deal.

The Indian portion meanwhile included an undisclosed amount of shares to domestic institutional investors between Rs1,067.70 and Rs1,067.25 per unit, tacking on an additional Rs15 billion to Rs20 billion $243 million to $342 million to the base deal.

The Rs1,067.70 to Rs1,067.25 indicative range represents a 0% to 1% discount to...

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