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HomeBusinessHDFC Bank $1.6 billion share sale likely this week: Sources

HDFC Bank $1.6 billion share sale likely this week: Sources

HDFC Bank Ltd is expected to sell shares worth up to Rs 100 billion (USD 1.6 billion) as early as this week, with an offering that will include overseas and domestic stock, sources with direct knowledge of the matter said on Tuesday.

India`s largest lender by market capitalisation, which is also listed in New York, last week received government approval for the share sale on the condition that its foreign ownership should not exceed 74 percent.

While HDFC Bank has said it does not have any immediate capital requirement, the share sale will help it build a buffer as credit growth picks up with an expected recovery in the economy.

Nine investment banks including Bank of America Merrill Lynch, JPMorgan and Morgan Stanley are set to manage the share sale, said sources who declined to be named as the information is not public.

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