HDFC Bank raises Rs8,500 crore by issuing equity to parent HDFC
HDFC Bank says the share allotment committee of the bank at its meeting held today has allotted 3,90,96,817 share to HDFC at an issue price of Rs2,174.09 per equity share aggregating to Rs84,99,99,98,871.53
New Delhi: HDFC Bank on Tuesday said it has raised Rs8,500 crore by issuing over 3.9 crore shares on preferential basis to its parent HDFC Ltd.
"The share allotment committee of the bank at its meeting held today has allotted 3,90,96,817 share to Housing Development Finance Corporation Ltd at an issue price of Rs2,174.09 per equity share aggregating to Rs84,99,99,98,871.53," HDFC Bank said in a regulatory filing.
This is part of the bank's Rs24,000 crore fund raising plan that was approved by the board of directors in December. Of this, Rs8,500 was planned to be raised by issuing equity to HDFC on a preferential basis and the balance through issuance of equity shares or convertible securities or depository receipts to a qualified institutions placement or through ADR/GDR.
As on 30 June 2018, the promoter firm HDFC Ltd held 20.86% of the bank's equity capital. Stock of the bank closed 0.34% up at Rs2176.70 on BSE.
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