HDFC Bank launches QIP, ADR at floor price of Rs 2,179.13 a share

Issuer may offer discount up to 5% on floor price, seeks to raise Rs 155 bn

HDFC Bank Ltd on Monday said it would raise up to Rs 155 billion through both domestic shares and American Depository Receipts (ADR), starting Monday.

Three domestic shares constitute one ADR for HDFC Bank. The domestic shares would be issued via qualified institutions placement (QIP).

In a post-market notification with exchanges, the bank said the floor price for QIP was set at Rs 2,179.13 per equity share, based on the regulator-prescribed pricing formula.

The bank may choose to offer a maximum discount of 5 per cent on the floor price. HDFC Bank’s stock closed at Rs 2,172.25 a piece on Monday, down 1.41