HDFC Bank Ltd.

HDFC Bank alongwith its subsidiary HDFC Securities are planning to pick up stake worth Rs 6.9 crore in backend software infrastructure development company Borderless Softtech. It has executed an agreement for subscribing 8,108 compulsory convertible cumulative preference shares (CCCPS) of face value of Rs 10 each of Borderless at a premium of Rs 606.60 directly for consideration of Rs 616.60 per piece.

Indirectly, its subsidiary HDFC Securities will acquire 1,03,989 optionally redeemable compulsory convertible cumulative preference shares (ORCCCPS) of Borderless at the same valuation. The acquisition will happen at a cash consideration of Rs 49,99,392 by HDFC Bank and Rs 6,41,19,617 by HDFC Securities.

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.