HDFC Bank has fixed the floor price for the qualified institutional placement issue at Rs 1,061.84. Through the issue, which also includes the placement of NYSE-listed American Depository Receipts, the bank plans to raise Rs 10,000 crore.
Shares of HDFC Bank were hovering around Rs 1,076.60 on the BSE in early trade on Thursday, while the ADR jumped 2 per cent to $57.76 overnight.
The QIP issue, which opened on Wednesday for subscription, aims to mop up around Rs 7,600 crore from foreign investors and Rs 2,400 crore from domestic investors.
"The ‘Relevant Date’ for the purpose of the ADR offering, in accordance with the Depository Receipts Scheme, 2014 (the “DR Scheme”) is February 4, 2015 and accordingly the floor price in respect of the ADR Offering, based on the provisions of the DR Scheme is Rs 1,061.84 per equity share," HDFC Bank said in a exchange filing.
About a week ago, the government had allowed increase in FII holding in HDFC Bank, whose application with the FIPB board was pending for over a year.
Parent HDFC holds 22.47 per cent in the bank, FIIs 33.75 per cent, ADRs/GDRs 16.84 per cent and the rest is held by others as of September quarter.
One HDFC Bank ADR represents three domestic shares of HDFC Bank.