Press Trust of India and PNN, Mumbai, Feb 5: Country’s largest lender by market value HDFC Bank today raised Rs 9,880 crore in the largest share sale in the secondary market by a private entity to overseas and domestic investors through a mix of qualified institutional placement and American depository shares.
Merchant bankers said the issue has been successfully closed and the final pricing is expected shortly.
According to merchant bankers that include Barclays, JM Financial, Citi, JP Morgan and BofA-ML among others, the bank opened the QIP issue first and the ADR was launched a few hours later.
The bank had plans to raise `2,400crore from QIP and the rest from ADRs, but sources said the composition got changed after the sale began.
The HDFC Bank counter was trading up over 1 per cent at `1,079.65 on the BSE at 1220 hrs. This is the largest share sale by a private sector entity and the second largest fund raising through selling share in the secondary market after the bumper `22,500crore Coal India issue last week by the government.
The Mumbai-based bank had opened the sale process without a road show late
yesterday.
Contacted for confirmation, the bank spokesperson said, “We have nothing to say now. We stick to our filings with the stock exchange.” The bank informed the stock exchanges Thursday that the floor price of per equity share for the QIP and ADRs has been fixed at Rs.1,061.84.
The relevant date for both the issues has been fixed at February 4.
Meanwhile the bank in its filing with the Bombay Stock Exchange (BSE) late Thursday said its special committee has declared the closure of the issue period for the ADR offering February 5.
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