HDFC Bank share sale likely this week: Sources

HDFC Bank has said it does not have any immediate capital requirement, the share sale will help it build a buffer as credit growth picks up with an expected recovery in the economy.

HDFC Bank is expected to sell shares worth up to Rs 10,000 crore as early as this week, with an offering that will include overseas and domestic stock, sources with direct knowledge of the matter said on Tuesday.

India's largest lender by market capitalisation, which is also listed in New York, last week received government approval for the share sale on the condition that its foreign ownership should not exceed 74 percent.

While HDFC Bank has said it does not have any immediate capital requirement, the share sale will help it build a buffer as credit growth picks up with an expected recovery in the economy.

Nine investment banks including Bank of America Merrill Lynch, JPMorgan and Morgan Stanley are set to manage the share sale, said sources who declined to be named as the information is not public.

HDFC Bank stock price

On February 03, 2015, HDFC Bank closed at Rs 1063.25, down Rs 19.05, or 1.76 percent. The 52-week high of the share was Rs 1099.70 and the 52-week low was Rs 618.00.

The company's trailing 12-month (TTM) EPS was at Rs 38.31 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 27.75. The latest book value of the company is Rs 179.77 per share. At current value, the price-to-book value of the company is 5.91.

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