HDFC Bank Agrees to Sell 17,500,000 American Depositary Shares at U.S.$ 104.00 per ADS
Mumbai, India July 31, 2018 HDFC Bank Limited (NYSE: HDB; NSE: HDFCBANK; BSE: 500180) (HDFC Bank) announced today that
it has priced its public offering of 17,500,000 American Depositary Shares (ADSs), each representing three equity shares, at U.S.$ 104.00. The offering price is equivalent to a price (in Indian Rupees) of Rs. 2,382.99 per equity
share at the July 20, 2018 noon buying rate of the Federal Reserve Bank of New York (Rs. 68.74 per U.S.$ 1.00). In addition, HDFC Bank announced that it has priced a concurrent qualified institutions placement of 12,847,222 equity shares in
India (QIP) at Rs. 2,160.00 per equity share.
Net proceeds from the ADSs offering are expected to be U.S.$ 1,807.26 million. Net
proceeds from the QIP are expected to be approximately Rs. 27,611.25 million. The net proceeds from the ADSs offering and the QIP are expected to be used to strengthen HDFC Banks capital structure and ensure adequate capital to support
growth and expansion, including enhancing HDFC Banks solvency and capital adequacy ratio. The ADSs offering and the QIP are scheduled to close on August 2, 2018.
BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, J.P. Morgan and Morgan Stanley & Co. LLC are acting as global coordinators and joint
bookrunners and BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, Nomura Securities International, Inc. and UBS Securities LLC are acting as joint bookrunners for the ADSs offering.
The ADSs offering is being made by means of a prospectus supplement and the accompanying base prospectus. An electronic copy of the preliminary prospectus
supplement, together with the accompanying prospectus, is available on the SECs website,
www.sec.gov
. A copy of the prospectus supplement, together with the accompanying prospectus, may also be obtained from Bhavin Lakhpatwala, HDFC
Bank Ltd., Tel: +91 22 6652 1083 (D) / 6652 1000 (B), Mobile: +91 74983 51730, Email: bhavin.lakhpatwala@hdfcbank.com.
HDFC Bank is a
leading private sector bank and financial services company in India with 4,804 banking outlets and 12,808 ATMs as of June 30, 2018. It offers a wide range of financial products and services to retail and wholesale customers. Its ADSs are listed
on the NYSE and its equity shares are listed on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited.
This press release
does not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.
The equity shares offered in the QIP will not be and have not been registered under the Securities Act of 1933 and may not be offered or sold in the United
States absent registration or an applicable exemption from registration requirements.
Cautionary Language Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based on HDFC Banks managements current expectations. Such
statements include plans, projections and estimates regarding the use of proceeds from the proposed offering. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions and
other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors that could affect
HDFC Bank and its results is included in HDFC Banks filings with the Securities and Exchange Commission. The term including, and any variation thereof, means including, without limitation.