Financial Daily from THE HINDU group of publications
Saturday, Jan 22, 2005
Financial Daily from THE HINDU group of publications Saturday, Jan 22, 2005 |
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Money & Banking
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Private Banks HDFC Bank prices ADS at $39.26 Our Bureau
Mumbai , Jan. 21 HDFC Bank is raising $260 million through an offering of 6,644,665 American Deposit Receipts. Each ADS representing three equity shares is priced at $39.26, the closing price of the ADS on the NYSE on Thursday, according to a JM Morgan Stanley press release, one of the arrangers to the issue. The issue also has a greenshoe option of $39 million. HDFC Bank has granted the underwriters an over-allotment option to purchase an additional 996,700 ADS. The offer price is equivalent to Rs 571.89 per equity share at the January 20 exchange rate. Merrill Lynch International and Morgan Stanley are the joint global co-ordinators and joint bookrunners for the offering. Net proceeds from the offering will be used to fund the bank's future growth, said the release. The offering is scheduled to close on January 25.
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