HDFC Bank American Depository Share (ADSs) priced at US$ 92.10

HDFC Bank Ltd has announced that the Bank's American Depository Share (ADS) offering of US$ 607 million (for 6,594,504 ADSs) has been priced at US$ 92.10 per ADS, translating into price of approximately Rs 1235.06 per equity share. Each ADS represents three equity shares of the Bank.

Consequent to above issue of ADSs, the Bank has allotted 1,97,83,512 Indian equity shares of the face value of Rs 10/- each to JP Morgan Chase Bank, depository for ADSs.

Details are given below:

- Name of the Allottee : JP Morgan Chase Bank, depository for ADSs

- Address of the Allottee : 60, Wall Street, New York 10260

- No. of equity shares allotted : 1,97,83,512

- Date of Allotment : July 18, 2007

In addition, the underwriters to the offering have the right to purchase upto an additional 989,176 ADSs at the same price by way of green shoe option.

The stock closed the day at Rs.1194.05, down by Rs.5.55 or 0.46%. The stock hit an intraday high of Rs.1218 and low of Rs.1190.05. The total traded quantity was 21712 compared to 2 week average of 119565.

Source : Equity Bulls

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