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.

“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.

Business News,Business Breaking News,, HDFC Bank, Housing Development Finance Corporation Limited, shareholder

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…