HDFC Bank issues shares worth Rs 3,600 cr to HDFC

HDFC Bank today said one of its promoter HDFC has subscribed to equity shares worth Rs 3,600 crore pursuant to conversion of warrants.

In a filing to the Bombay Stock Exchange HDFC said the Corporation has exercised its right to convert over 2.62 crore warrants into equal number of equity shares of HDFC Bank.

Accordingly, HDFC has subscribed to more than 2.62 crore shares upon conversion of equal number of warrants for Rs 3,608.06 crore, which amounts to 90 per cent of the subscription amount, the filing added.

In June 2008, HDFC had subscribed to the warrants at a price of Rs 1,530.13 a piece.

Earlier, in March 2008, HDFC Bank board had approved the said allotment of warrants on preferential basis, so that HDFC maintains its shareholding in the bank, pursuant to the lender's merger with Centurion Bank of Punjab.

For the quarter ended September 30, HDFC held 12.27 per cent in HDFC Bank, and the total promoter holding stood at 19.29 per cent.