HDFC Bank opens QIP, ADR offering

Pursuant to the approval accorded by the Board of Directors ("Board") of HDFC Bank, at its meeting held on December 20, 2017 and the special resolution passed by the shareholders of the Bank on January 19, 2018, the Committee of Directors ("Committee") has, at its meeting held today i.e. July 30, 2018 passed resolutions in relation to the QIP.

The committee has authorised the opening of the QIP today, i.e. July 30, 2018 and approved the floor price for the QIP being Rs. 2,179.13 per Equity Share based on the pricing formula as prescribed under Regulation 85(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended ("SEBI ICDR Regulations") (the "Floor Price") and the Committee may at its absolute discretion, offer a discount of not more than 5% on the Floor Price in accordance with Regulation 85 of the SEBI ICDR Regulations.

The committee also authorized the opening of the ADR Offering today (i.e. July 30, 2018) and approved the preliminary prospectus supplement dated July 30, 2018, in connection with the ADR Offering.

The 'Relevant Date' for the purpose of the ADR Offering, in accordance with the Depository Receipts Scheme, 2014 (the "DR Scheme") is July 30, 2018 and accordingly the floor price in respect of the ADR Offering, based on the provisions of the DR Scheme is Rs. 2,179.13 per Equity Share.

Shares of HDFC Bank Ltd was last trading in BSE at Rs.2172.25 as compared to the previous close of Rs. 2203.4. The total number of shares traded during the day was 64410 in over 4164 trades.

The stock hit an intraday high of Rs. 2204.15 and intraday low of 2163.15. The net turnover during the day was Rs. 140030358.

Source : Equity Bulls

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