HDFC Bank covers ADR book

At the end of Asian roadshows, observers report that regional investors have already covered the book for the bank''s forthcoming ADR offering.
July 16, 2001
Pricing of the Merrill Lynch and Morgan Stanley-led HDFC Bank deal is scheduled for Friday after the completion of roadshows in Europe and the US, which begin today Tuesday. Terms will be set after the closing of trading in India, with a total of 11.16 million units on offer.

One unit equals three shares for a deal which comprises all new shares. Based on HDFC's Rp218.25 close today, the group will raise $155.1 million.

Observers believe that investors have flocked to the offering because of the bank's growth forecasts and management abilities. HDFC is regarded as India's leading private sector bank and analysts report that local investors have always...

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