Exhibit-1

28th September, 2005

To

The New York Stock Exchange,
New York,
USA

Subject: Purchase of equity shares of HDFC Securities Limited

We wish to inform that, the Bank has purchased 38,25,000 equity shares of HDFC Securities Limited from HDFC Limited. The shareholding of the Bank in HDFC Securities Limited now stands increased from 29.50% to 55%. HDFC Securities Limited has become the subsidiary company of the Bank.

This is for your information and record.

Thanking you,
 
Yours faithfully,
For HDFC Bank Limited
 
 
Sanjay Dongre
Vice-President (Legal) &
Company Secretary