HDFC Bank will raise ₹15,500 crore via the qualified institutional placement route and and by issuing American Depository Receipt. Each HDFC Bank ADR represents three equity shares.
The QIP opens on Monday and is priced at ₹2,179.13 a share based on the regulator-prescribed pricing formula, the bank said in a filing. The lender may choose to offer a maximum 5% discount on the floor price. “The trading window for dealing in the bank’s securities has been closed for the purpose of the QIP and ADR offering, with effect from close of market hours on July 30, to August 15,” the bank said.
In June, the Cabinet cleared HDFC Bank’s proposal to raise ₹24,000 crore by selling equities to foreign investors. The lender has raised ₹8,500 crore by issuing equity to it’s parent Housing Development Finance Corporation (HDFC).
HDFC Bank shares ended 1.4% lower than its previous close at ₹2,172.25.
