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By Devidutta Tripathy and Chris Thomas
NEW DELHI / BENGALURU (Reuters) – HDFC Bank Ltd. on Monday launched separate share deals in the United States and its domestic Indian market with the aim of lifting up To 155 billion rupees (2.26 billion dollars).
The Indian lender, which is also listed in New York, offers up to 19 million American Depositary Shares, representing 57 million shares, according to a deposit.
HDFC, the Indian bank with the highest market capitalization, also opened an equity sale in India, which according to a trading sheet has a base size of 20 billion rupees with an option to increase to 37.5 billion rupees.
The second largest Indian lender by badets set a floor price of 2,179.13 rupees ($ 31.75) for both equity sales. On the basis of the floor price, the sale of US stocks could increase up to 124.21 billion rupees, according to Reuters calculations.
With its concentration on retail clients and a lower loan rate, HDFC Bank is a favorite of investors. The banking sector of India has been marked by unprecedented record loans of 150 billion dollars.
HDFC Bank, which has the lowest rate of bad loans among major Indian lenders, announced in December a total of 240 billion rupees. She has already raised Rs 85 billion by selling shares to her mother, HDFC lending company Ltd.
The last bank raised 97.66 billion rupees of equity in 2015 by selling shares in the Indian and US markets. In anticipation of news, shares of HDFC Bank, valued at about $ 84 billion, closed down 1.5% in Mumbai. In New York, they were down 1.5% to $ 107.99 at 1425 GMT
Bank of America Merrill Lynch, Credit Suisse, JP Morgan and Morgan Stanley advise on the sale of US and Indian stocks from HDFC Bank. [19659002] BNP Paribas, Goldman Sachs, Nomura and UBS are the other banks on the sale of US stocks, while Edelweiss, IIFL, JM Financial and Motilal Oswal are the other bookrunners on the Indian sale.
(1 $ = 68.6000 Indian rupees) [19659002] (Reportage of Devidutta Tripathy and Chris Thomas, Additional reportage by Anuradha Subramanyan of IFR, edited by Adrian Croft)
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