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Indian lender HDFC Bank's US share sale to raise about $1.81 billion

HDFC Bank is an investor favourite at a time when India's banking sector has been plagued by a record $150 billion in non-performing loans

Reuters 

HDFC Bank Ltd, India's second-biggest lender by assets, on Tuesday said its US public offering of 17.5 million American depository shares (ADS) was priced at $104 each, raising about $1.81 billion. HDFC's qualified institutions placement (QIP) of 12.8 million equity shares in India was also priced at Rs 2,160 per equity share, which is expected to raise about Rs. 27.61 billion, the bank said in a filing. Proceeds from the ADSs offering and the QIP are expected to be used to strengthen the bank's capital structure and to support growth and expansion, the bank ...

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First Published: Tue, July 31 2018. 22:57 IST
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