Cravath, Swaine & Moore and Davis Polk & Wardwell have advised on a $1.6 billion share sale by Mumbai-based HDFC Bank Ltd.
HDFC, one of India’s largest lenders, raised $1.3 billion by selling 22 million American depositary receipts in the U.S. and another $324 million in equity shares through a qualified institutional placement in India. The proceeds will be used to “fund growth and bolster reserves,” according to The Wall Street Journal.
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