HDFC Bank plans to raise Rs 24,000 cr
(5 months ago)
Mumbai, Dec 20 : Lending major HDFC Bank plans to raise up to Rs 24,000 crore (USD 3.7 billion), subject to shareholder approvals.
According to the lender, the decision to raise funds aggregating up to Rs 24,000 crore
was taken by its board of directors in a meeting held on Wednesday.
"... An amount up to a maximum of Rs 8,500 crore shall be through issuance of equity shares of face value of Rs 2 each of the bank pursuant to a preferential issue to Housing Development Finance Corporation Limited," the lender said in a BSE filing.
"The balance shall be through issuance of equip shares or convertible securities or depository receipts pursuant to a Qualified Institutions Placement (QIP) or American Depository Receipts (ADR) or Global Depository Receipt (GDR) program."
The company will hold an extra-ordinary general meeting on January 19, 2018 to seek shareholders' approval.