HDFC Bank on a high on ADR plan

DALAL STREET SPIKES

The HDFC Bank scrip edged up on Friday on the company's plans to issue a second American depositary receipts (ADR) issue.

The stock, in intra-day deals, touched a high of Rs 407.95, before closing at Rs 406.10, up 1.36 per cent from its previous close. The counter witnessed a volume of more than 1.22 lakh shares on the Bombay Stock Exchange (BSE).

HDFC Bank said after trading hours on Thursday that its board would consider a proposal for a fresh ADR issue. HDFC Bank's board will meet on October 21, 2004, to consider a proposal to raise capital through the issue of ADRs. HDFC Bank's ADR is already listed on the New York Stock Exchange (NYSE).

The HDFC ADR declined nearly 1 per cent on the NYSE on Thursday to $32.70.

The counter has been in the limelight of late. From a low of Rs 356.85 on August 20, 2004, it surged to an all-time high of Rs 415.50 in the beginning of this month.