The top Indian banking and financial
services company HDFC Bank today approved a mega-fundraising plan of
Rs 24,000 crore to fund its expansion, by selling shares to domestic &
international investors including a preferential issue to its parent
company HDFC Ltd.
The fundraising plan of HDFC Bank was
declared subsequent on its parent company Housing Dev Finance Corpn said that it
has approved to raise Rs 13,000 cr, for its fundraising plans.
HDFC Bank said that out of the total sum
of Rs 24,000 crore, an amount of Rs 8,500 shall be through the issuance of
equity shares, of face value of Rs.2/equity share. The balance amount left
after HDFC’s infusion will be raised through the issuance of equity share/
convertible securities/ qualified institutional placement/ American Depository
Receipt/ Global Depository Receipt and so on. Following the announcement,
shares of HDFC Bank hit an all-time high of Rs 1,905, rising 1.05%.