Deutsche acquires
stake in HDFC Bank for Rs713 crore
Our Banking Bureau
11 March 2005
Mumbai:
Deutsche Securities an FII belonging to the Deutsche Bank group —
has acquired 4.05 per cent stake in HDFC Bank for Rs714 crore.
Under
the present norms laid down by the Reserve Bank of India (RBI), a foreign
bank with branches in India is permitted to hold up to 5 per cent stake
in an Indian private bank.
The
bank bought 1.16 crore shares at Rs615 per share in a block deal on the
Bombay Stock Exchange from Singapore-based JP Morgan Partners' (formerly
the Chase Group) India private equity fund (Mauritius). DSP Merrill Lynch
brokered the deal.
The HDFC Bank scrip ended the day on the BSE at Rs 615.10 after rising to
Rs 629.95. On closing, it lost 0.51 per cent against its previous close
of Rs618. The total volume at the HDFC Bank counter on the BSE stood at
720 crore.
HDFC Bank recently raised around $300 million through American depository
receipts (ADRs) to support the bank's future 
growth.
Following the ADS, the promoter's holding of Housing Development Finance
Corporations (HDFC) came down to around 22 per cent from 24.08 per cent.
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