Mumbai: HDFC Bank Ltd is likely to sell shares worth up to Rs 100 billion this week, with an offering that will include overseas and domestic stock, sources said.
HDFC Bank has said it does not have any immediate capital requirement. The share sale will help it build a buffer as credit growth picks up with an expected recovery in the economy. India`s largest lender by market capitalisation, which is also listed in New York, last week received government approval for the share sale on the condition that its foreign ownership should not exceed 74 percent.
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Sources said nine investment banks including Bank of America Merrill Lynch, JPMorgan and Morgan Stanley are set to manage the share sale. They declined to be named as the information is not public.
