Two people with direct knowledge said that HDFC Bank Ltd. (BSE:500180) mandated Bank of America-Merrill Lynch to sell shares to domestic and foreign investors to raise approximately INR 10 billion. Also BofA will take help of Morgan Stanley, Credit Suisse and JP Morgan in raising INR 7.6 billion by selling shares to foreign investors and of JM Financial in raising INR 2.4 billion by selling shares to domestic investors. HDFC Bank did not comment.

The shares of HDFC bank increased 2.17% to INR 965.90 on Bombay Stock Exchange on the reports that it is selling shares.