HDFC launches share sales in India, US

HDFC Bank Ltd launched share sales in India and the United States as part of a previously announced plan to raise more than $2 billion. The bank set a floor price at Rs 2,179.13 ($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, 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 Rs 20 billion with an option to upsize to Rs 37.5 billion, according to a deal term sheet. HDFC Bank had, in December, announced plans to raise a total Rs 240 billion ($3.5 billion) to fund growth. It has already raised Rs 85 billion by selling shares to its parent, mortgage lender HDFC Ltd.