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.
Showing posts with label ADS. Show all posts
Showing posts with label ADS. Show all posts
Wednesday, July 18, 2007
Tuesday, June 26, 2007
ICICI Bank, Sterlite mop up $4 bn from US in a week
Two Indian companies, including the country's largest private lender ICICI Bank, have raised over four billion dollars last week from the US market.ICICI Bank, in the biggest offering by an Indian company, raised $4.3 billion in a global follow-on issue, half of which was in the form of American Depository Shares.
The ADS issue of 42.14 billion, including a green shoe option of $0.32 billion, was priced at $49.25 each, translating into a price of about Rs 1,002.5 per equity share and representing a premium of about 6.6 per cent over the domestic issue price.Each ADS represents two equity shares of the Bank.
Earlier, Vedanta group's Sterlite Industries, a non-ferrous metal and mining firm, raised $1.75 billion through an initial public offering on the NYSE.Each ADS represents one equity share of the firm and the were priced at $13.44 each.
Combining ICICI Bank's 42.46 billion offer and 41.75 billion of Sterlite Industries India Ltd, the two firms have mopped up over four billion dollars from the US market.
The ADS issue of 42.14 billion, including a green shoe option of $0.32 billion, was priced at $49.25 each, translating into a price of about Rs 1,002.5 per equity share and representing a premium of about 6.6 per cent over the domestic issue price.Each ADS represents two equity shares of the Bank.
Earlier, Vedanta group's Sterlite Industries, a non-ferrous metal and mining firm, raised $1.75 billion through an initial public offering on the NYSE.Each ADS represents one equity share of the firm and the were priced at $13.44 each.
Combining ICICI Bank's 42.46 billion offer and 41.75 billion of Sterlite Industries India Ltd, the two firms have mopped up over four billion dollars from the US market.
Monday, June 25, 2007
ICICI Bank prices Follow-on issue at Rs 940 per share
ICICI Bank Ltd on Monday said it has priced its recently concluded follow-on issue at Rs 940 per equity share. The Rs 8,750-crore issue was made at an offer price of Rs 885-950 per share and was open from June 19-22.
At 10:51AM, ICICI Bank shares were down nearly 1 per cent at Rs 944.50 on the Bombay Stock Exchange in line with the general weakness in banking shares. So far, the stock has seen a high of Rs 960 and low of Rs 940 with volume traded at 42,306 against two-week average of 3,96,524 shares.
The issue price represents a premium of 3.6 per cent to the average closing price since the announcement of the issue on April 28.
The bank’s American depositary share offering of $ 2.14 billion has been priced at $ 49.25 per ADS, which amounts to Rs 1,002.5 per equity share. It represents a premium of 6.6 per cent over the domestic issue price.
The ADS offering, which represents two equity shares of the bank, has a green shoe option of $ 0.32 billion.
At 10:51AM, ICICI Bank shares were down nearly 1 per cent at Rs 944.50 on the Bombay Stock Exchange in line with the general weakness in banking shares. So far, the stock has seen a high of Rs 960 and low of Rs 940 with volume traded at 42,306 against two-week average of 3,96,524 shares.
The issue price represents a premium of 3.6 per cent to the average closing price since the announcement of the issue on April 28.
The bank’s American depositary share offering of $ 2.14 billion has been priced at $ 49.25 per ADS, which amounts to Rs 1,002.5 per equity share. It represents a premium of 6.6 per cent over the domestic issue price.
The ADS offering, which represents two equity shares of the bank, has a green shoe option of $ 0.32 billion.
Friday, June 22, 2007
Sterlite raises over 2 bn dlr in US
Vedanta group flagship Sterlite Industries on Friday said it has raised over two billion dollar (about Rs 8,215 crore) through an initial public offering in the US, including the over allotment option.
The American Depository Shares (ADSs) were priced at 13.44 dollar each, resulting in gross proceeds of 2,016 million dollar from the offering, the Anil Agarwal-led metals and mining company said in a communique to the Bombay Stock Exchange (BSE).The underwriters, joint global coordinators and bookrunners for the American Depository Shares (ADSs) offering exercised over allotment option to purchase additional 1.96 crore equity shares.
With the exercise of the over-allotment option, the total number of ADSs issued by the company in the offering increased to 15 crore and this would represent around 21.2 per cent interest in the company.The company on June 19 said it has raised 1.75 billion dollars (about Rs 7,000 crore) through the initial public offering in the US.
Read more in The Economic Times article.
The American Depository Shares (ADSs) were priced at 13.44 dollar each, resulting in gross proceeds of 2,016 million dollar from the offering, the Anil Agarwal-led metals and mining company said in a communique to the Bombay Stock Exchange (BSE).The underwriters, joint global coordinators and bookrunners for the American Depository Shares (ADSs) offering exercised over allotment option to purchase additional 1.96 crore equity shares.
With the exercise of the over-allotment option, the total number of ADSs issued by the company in the offering increased to 15 crore and this would represent around 21.2 per cent interest in the company.The company on June 19 said it has raised 1.75 billion dollars (about Rs 7,000 crore) through the initial public offering in the US.
Read more in The Economic Times article.
Tuesday, June 19, 2007
Sterlite prices ADS offering at $13.44
Sterlite Industries, the flagship of the Vedanta Group, said on 19 June it has priced its initial public offering of American Depositary Shares (ADS) at $13.44 each.
Calculated on the basis of this price, Sterlite would raise over $1.75 billion through the issue of over 130 million equities in the form of ADS.
Post-offering, the ADS represent around 18.9% interest in Sterlite. The company’s ADSs were approved for listing on the New York Stock Exchange under the symbol “SLT”, Sterlite Industries said in a communique to the Bombay Stock Exchange.
After this offering, the company would have around 689 million equity shares. The company granted the representatives an option to purchase up to an additional 19.5 million ADS to cover over-allotments.
In May, Sterlite Industries announced plans to raise $2 billion through ADS issue for acquisitions, increasing stake in subsidiaries and setting up a thermal coal-based power facility in Orissa for around Rs8,730.5 crore.
Read more in The Livemint article.
Calculated on the basis of this price, Sterlite would raise over $1.75 billion through the issue of over 130 million equities in the form of ADS.
Post-offering, the ADS represent around 18.9% interest in Sterlite. The company’s ADSs were approved for listing on the New York Stock Exchange under the symbol “SLT”, Sterlite Industries said in a communique to the Bombay Stock Exchange.
After this offering, the company would have around 689 million equity shares. The company granted the representatives an option to purchase up to an additional 19.5 million ADS to cover over-allotments.
In May, Sterlite Industries announced plans to raise $2 billion through ADS issue for acquisitions, increasing stake in subsidiaries and setting up a thermal coal-based power facility in Orissa for around Rs8,730.5 crore.
Read more in The Livemint article.
Thursday, June 14, 2007
ICICI Bank FPO opens on June 19
The follow-on issue of ICICI Bank opens Tuesday and closes no June 22. The bank plans a domestic float and ADS issue. The price band for the issue will be fixed on Monday.
The domestic issue is for Rs 8,750 crore, with a greenshoe option of Rs 1,312.5 crore. The bank also plans an American depositary share issue of Rs 10,100 crore. Both the ADS and domestic issues will run simultaneously.
Of the total domestic float, 5 per cent will be reserved for existing retail shareholders, and they will get 5 per cent discount to issue price. However, only those shareholders who hold shares less than Rs 1 lakh in value on record date, which was June 13, will be eligible.
The offer constitutes 19.8 per cent of diluted equity, and the ADS component about 9.9 per cent of post-issue capital.The issue is being made to meet the capital adequacy requirements and augment bank's capital to fund future requirements.The bank's CAR is currently at 11.69 per cent. Post-issue it is seen at 15 per cent.
The domestic issue is for Rs 8,750 crore, with a greenshoe option of Rs 1,312.5 crore. The bank also plans an American depositary share issue of Rs 10,100 crore. Both the ADS and domestic issues will run simultaneously.
Of the total domestic float, 5 per cent will be reserved for existing retail shareholders, and they will get 5 per cent discount to issue price. However, only those shareholders who hold shares less than Rs 1 lakh in value on record date, which was June 13, will be eligible.
The offer constitutes 19.8 per cent of diluted equity, and the ADS component about 9.9 per cent of post-issue capital.The issue is being made to meet the capital adequacy requirements and augment bank's capital to fund future requirements.The bank's CAR is currently at 11.69 per cent. Post-issue it is seen at 15 per cent.
Tuesday, June 5, 2007
Sterlite`s $2 bn ADS to list in mid-June
Sterlite Industries is set to list its $2 billion (Rs 8,000 crore ) American Depository Shares (ADS) issue, the largest by any Indian company, with the New York Stock Exchange by the middle of this month.
Sources close to the development said the company would list the shares in the week beginning June 18. Road-shows for the issue, which will part-finance its plan to set up a power plant at an investment of Rs 12,500 crore, will begin towards the end of this week.
A team comprising Sterlite executives and representatives of its banks will visit Europe, the US, Hong Kong, Singapore and Japan to sell the issue. Merrill Lynch, Citi, Morgan Stanley and Nomura are bankers to the issue.
They added that the company would sell 125 million ADS under the book-built issue with a minimum price of Rs 531.84. The issue has the option to sell an additional 18.75 million shares, or 15 per cent of the issue, depending on the response.
Read more in The Business Standard article.
Sources close to the development said the company would list the shares in the week beginning June 18. Road-shows for the issue, which will part-finance its plan to set up a power plant at an investment of Rs 12,500 crore, will begin towards the end of this week.
A team comprising Sterlite executives and representatives of its banks will visit Europe, the US, Hong Kong, Singapore and Japan to sell the issue. Merrill Lynch, Citi, Morgan Stanley and Nomura are bankers to the issue.
They added that the company would sell 125 million ADS under the book-built issue with a minimum price of Rs 531.84. The issue has the option to sell an additional 18.75 million shares, or 15 per cent of the issue, depending on the response.
Read more in The Business Standard article.
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