Cravath Acts on Indian Lender HDFC's $1.6B Share Sale
One of India's largest banks has sold stock on the country's domestic exchanges and in the U.S. to fund future growth and boost its capital reserves.
February 24, 2015 at 07:24 PM
1 minute read
Cravath, Swaine & Moore and Davis Polk & Wardwell have advised on a $1.6 billion share sale by Mumbai-based HDFC Bank Ltd.
HDFC, one of India's largest lenders, raised $1.3 billion by selling 22 million American depositary receipts in the U.S. and another $324 million in equity shares through a qualified institutional placement in India. The proceeds will be used to “fund growth and bolster reserves,” according to The Wall Street Journal.
Cravath London partner Partner Philip Boeckman served as international counsel to HDFC, while Amarachand & Mangaldas & Suresh A. Shroff & Co. Mumbai partners Gaurav Gupte and S. R. Patnaik advised on Indian law.
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