HDFC Bank looking forward to gather Rs 24,000 crore

Lending major HDFC Bank is looking forward to collect to Rs 24,000 crore ($3.7 billion), subject to shareholder approvals. As per 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.

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“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.