HDFC Bank to mull relying on Indian market in $2.3 bn share sale

HDFC Bank said in December its board had approved a potential equity offering of as much as Rs 240 billion

HDFC Bank Ltd, the world’s most expensive major lender, is considering relying entirely on the Indian market for a share sale that could raise as much as Rs 155 billion ($2.3 billion), people with knowledge of the matter said.

The Mumbai-based bank is weighing seeking all the capital through a qualified institutional placement in India, rather than its usual practice of splitting the fundraising between an offering of local stock and a sale of American depositary receipts, according to the people. HDFC Bank aims to start taking investor orders within the next couple of weeks, the people said, asking not to