HDFC Bank $1.8 Billion Follow-on ADS Offering

Davis Polk advised the underwriters in connection with an SEC-registered follow-on offering of $1.8 billion of American Depositary Shares representing 52,500,000 equity shares of HDFC Bank Limited. The SEC-registered offering was conducted concurrently with a qualified institutions placement in India. Total gross proceeds from the ADS and QIP offerings were approximately $2.2 billion.

HDFC Bank is a private sector bank and financial services company in India with 4,787 branches and 12,635 ATMs in 2,691 cities and towns. It offers a comprehensive range of financial products and services to its customers through multiple distribution channels. HDFC Bank’s ADSs are listed on the NYSE and its equity shares are listed on the National Stock Exchange of India Limited and the BSE Limited.

The Davis Polk corporate team included partner John Banes, counsel Radoslaw Michalak and associates Quentin Parmentier, Matthew Pinegar and Michael Despres. Counsel Alon Gurfinkel and associate Veronica Orecharova provided tax advice. Members of the Davis Polk team are based in the New York and London offices.