Private lender HDFC Bank said its board has approved raising up to Rs 24,000 crore through a preferential issue of shares to promoter HDFC and issuance of shares and depository receipts.
“The board of directors of the bank, at their meeting held on 20th December, 2017, has approved raising of funds aggregating up to Rs 24,000 crore,” HDFC Bank said in a BSE filing.
An amount of up to Rs 8,500 crore, HDFC Bank said, will be raised through issuance of equity shares… pursuant to a preferential issue to Housing Development Finance Corporation (HDFC).
The balance amount will be raised through issuance of shares, convertible securities, depository receipts pursuant to a qualified institutional placement (QIP)/American Depository Receipts (ADR)/Global Depository Receipts (GDR).
HDFC Bank will seek approval of its shareholders in an extraordinary general meeting of the bank on January 19, 2018.
The stock of HDFC Bank was up 0.53 per cent at Rs 1,895.15 on the BSE.