HDFC Bank has received government’s approval to sell fresh shares in India and abroad in what could result in the country’s largest qualified institutional placement (QIP). The cabinet approved the proposal on June 13, subject to overseas ownership limits.
The approval includes an Rs 8,500 crore infusion from parent Housing Development Finance Corp (HDFC), which will allow it to maintain its 25.6% current shareholding, potentially leaving about Rs 15,500 crore to be raised from the market.
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.
