India's private sector lender HDFC Bank Ltd. has raised $607 million after pricing the issue of 6.6 million American Depository Shares (ADSs) at $92.10 each.
The offering of New York Stock Exchange-listed shares has an over allotment option of $91 million. HDFC Bank, valued at $10 billion, said each ADS represents three equity shares of the bank.
It said the offer price was equivalent to a price of 1,235.06 rupees per equity share, 3 percent above Tuesday's closing price of HDFC Bank's shares on the Mumbai exchange.
"Gross proceeds from the offering are expected to be approximately $607 million and will be used to strengthen the bank's capital base to support future growth," it said in a statement.
Read more in The Economic Times article.
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