HDFC raises $260 M through ADR

By siliconindia staff writer   |   Friday, 21 January 2005, 08:00 Hrs
Printer Print Email Email
MUMBAI: IndiaÂ’s third largest private bank HDFC Bank Ltd. has raised US$260 million through the American Depositary Receipts, sources said today

The offering, which was mostly bought by U.S. investors, has a greenshoe option to raise another $40 million, sources added.

The proceeds will be used to fund growth plans.

Many investors are keen to tap India's growing bank market as the country's emerging middle class becomes wealthier and takes out more mortgages and car loans.

Last August, HDFC said it expects annual earnings growth of 25 to 30 percent for the next three years.

The offer book was three times covered, with 55 percent of the investors coming from the U.S., sources said. Asia accounted for 15 percent of investors, with U.S. retail (20 percent) and European (10 percent) buying the rest.

The ADRs were priced at $39.26 each, a 12.5 percent premium to the ordinary shares and the same price at which they closed in New York Stock Exchange trading Thursday.




SPOTLIGHT
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..