HDFC Bank has received an approval for raising funds aggregating up to Rs 24,000 crore. The board of directors at its meeting held on December 20, 2017 has approved the same.
Of total, the bank will raise funds an amount up to a maximum of Rs 8,500 crore 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 (the Promoter).
The balance funds shall be raised through issuance of Equity Shares/convertible securities/depository receipts pursuant to a Qualified Institutions Placement (QIP)/ American Depository Receipts (ADR) / Global Depository Receipt (GDR) program.
HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.
