HDFC Bank completes rare secondary offering

HDFC Bank raised $260 million after new York's close on Thursday (January 20), becoming only the second Indian company after Infosys to complete a follow-on ADR offering. Under the lead management of Merrill Lynch and Morgan Stanley, the bank priced the deal at $39.26 - parity to the ADR close and at a 12.5% premium to the Indian spot close of Rs510.