Indian banking group HDFC has initiated share sales in its home market and in the US in a bid to raise up to INR155bn ($2.3bn).

According to a regulatory filing, HDFC has offered up to 19 million American Depositary Shares representing 57 million equity shares.

HDFC Bank’s share sale in India carries a base size of INR20bn with an option to upsize it to INR37.5bn.

The lender has set a floor price of $31.75 for both share sales.

HDFC share issue to boost growth

According to Reuter’s calculations, the American share can raise up to INR124.21bn.

In December last year, HDFC revealed plans to raise up to INR240bn in a bid to support its expansion plans.

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It has already procured around INR85bn by selling shares to its parent mortgage lender.

In the new share sale programme, HDFC is being advised by Bank of America Merrill Lynch, Credit Suisse, JP Morgan and Morgan Stanley.

In its last share selling round in 2015, HDFC Bank raised INR97.66bn.

Established in 1994 and headquartered in Mumbai, HDFC is the third-largest Indian firm by market capitalisation.