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May 21, 2001
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Money > Business Headlines > Report May 21, 2001 |
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Merrill to handle HDFC Bank's ADSBS Banking & Markets Bureau HDFC Bank has mandated Merrill Lynch for its proposed $175 million American depository shares issue, which is likely to hit the market in the next two-three months. According to sources, the other co-arranger for the issue is Bank of America. However, this could not be confirmed. Sources added that the bank has also gone in for a silent filing of prospectus for its ADS. A prospective issuer of ADS opts for "silent" or "quiet" filing when it is not sure about the timing and the market conditions which may influence the issue. These filings entail sending a written registration statement to the Securities and Exchange Commission for its initial review and awaiting until SEC comments are resolved prior to printing the registration statement and prospectus. The recent relaxation in the foreign direct investments for banks has helped HDFC Bank in its ADS issue. The FII holding along with the NRI and OCB holding in the bank is around 20 per cent while the FDI holding due to Chase's stake in the bank is around 13 per cent. HDFC Bank would be the second private sector bank to list abroad after ICICI Bank. ICICI is the only term institution, which has gone for ADS listing, while State Bank of India is the only public sector bank which has come out with a GDR issue. Powered by YOU MAY ALSO WANT TO READ:
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