HDFC Bank launches share sales in India and U.S.

(Reuters) – HDFC Bank Ltd (HDBK.NS) launched share sales in India and the United States on Monday, as part of a previously announced plan to raise more than $2 billion.

The bank set a floor price at 2,179.13 rupees ($31.75) per share for the domestic share sale as well as the American Depositary Shares offering, according to a filing.

The second-biggest Indian lender by assets, which is also listed in New York (HDB.N), will be selling up to 19 million American Depositary Shares, with each ADS representing three equity shares.

The bank’s domestic share sale has a base size of 20 billion rupees with an option to upsize to 37.5 billion rupees, according to a deal term sheet.

HDFC Bank had in December announced plans to raise a total 240 billion rupees ($3.5 billion) to fund growth.

It has already raised 85 billion rupees by selling shares to its parent, mortgage lender HDFC Ltd (HDFC.NS).

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