HDFC Bank Ltd approves raising of funds aggregating up to Rs.24,000 crore

The Board of Directors of HDFC Bank Limited at their meeting held on December 20, 2017 have approved raising of funds aggregating up to Rs. 24,000 crore.

Out of the above, up to a maximum of Rs. 8500 crore shall be raised through issue of equity shares of face value of Rs. 2 each of the bank pursuant to a preferential issue to Housing Development Finance Corporation Limited (HDFC - the promoter).

The balance shall be raised through issue of equity shares / convertible securities / depository receipts pursuant to a Qualified Institutions Placement (QIP) / American Depository Receipts (ADR) / Global Depository Receipt (GDR) program.

An extra-ordinary general meeting of the bank will be convened on Friday, January 19, 2018, at 2:30 PM at Birla Matushri Sabhagar, 19, New Marine Lines, Mumbai - 400020 to seek approval of the shareholders of the bank for the above proposals.

Shares of HDFC Bank Ltd was last trading in BSE at Rs.1888 as compared to the previous close of Rs. 1877.95. The total number of shares traded during the day was 63157 in over 1503 trades.

The stock hit an intraday high of Rs. 1894 and intraday low of 1875.75. The net turnover during the day was Rs. 119036570.

Source : Equity Bulls

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