Mumbai: HDFC Bank raised a Rs 10,000 crore by issuing a mix of NYSE-listed American Depository Receipts and placement of India listed shares to institutional investors.
HDFC Bank aims to mop up around Rs 7,600 crore from foreign investors and Rs 2,400 crore from domestic investors, merchant bankers told PTI. This is largest follow-on offer by a private institution and comes within day of state-run Coal India mopping a record high of Rs 22,576 crore though an offer for sale. Earlier in January, the government had allowed increasing foreign holding HDFC Bank, the country’s most valuable lender. The application was pending for over a year.
Parent HDFC holds 22.47 percent in the bank, FIIs 33.75 percent, ADRs/GDRs 16.84 percent and the rest is held by others as of September quarter. When contacted a bank spokesman refused to comment beyond an earlier statement about shareholders’ approval on June 25, 2014 to raise Rs 10,000 crore as and when market conditions permit.
