Skip to content
Subscriber Only
Markets
Deals

India's HDFC Bank Starts Up to $2.3 Billion Share Offering

  • Lender offers up to 19 million American depositary receipts
  • Bank seeks as much as 37.5 billion rupees in domestic offering
A HDFC Bank branch in Mumbai, India.

A HDFC Bank branch in Mumbai, India.

Photographer: Dhiraj Singh/Bloomberg

Updated on

HDFC Bank Ltd., the world’s most expensive major lender, started taking orders for a share sale that could raise as much as 155 billion rupees ($2.3 billion) as it works to bolster its capital ratios and expand lending capacity.

The Indian bank is selling as many as 19 million American depository receipts, it said Monday in a statement. Mumbai-based HDFC Bank is also raising as much as 37.5 billion rupees by offering shares to institutional investors in India at 2,169.90 rupees apiece, according to terms of the deal obtained by Bloomberg.