HDFC advances on Rs 4,000cr QIB issue

HDFC gained 1.5% to Rs 2,357. The stock has touched an intra-day high of Rs 2,375 and a low of Rs 2,326. The counter clocked a two-fold volume of 286,472 shares as aginst its two-week average traded quantity of 122,246 shares.
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(Updated 1307 hrs)

HDFC has displayed firm trend in an otherwise weak market on back of its plans to raise Rs 4,000 crore from qualified institutional buyers (QIBs).

The stock opened at Rs 2,340, up Rs 19 from its previous close. The stock has now touched a high of Rs 2,375, and is up 1.7% at Rs 2,361. The counter has seen relatively heavy volumes of around 145,185 shares so far on the BSE as against its two-week daily average volume of around 122,246 shares.

The firm plans to issue 20,000 non-convertible debentures for a period of two and three year respectively, thereby raising Rs 2,000 crore from each of the issues.