 "HDFC Bank hits new high on fund raising plans")
HDFC Bank hit a new high of Rs 1,887, up 2.7% on the BSE, after the private sector lender announced that its board will meet on Wednesday, December 20, 2017 to consider a proposal for raising of funds.
The stock surpassed its previous high of Rs 1,876.95 touched on October 24, 2017 in intra-day trade.
A meeting of the board of directors of the Bank will be held on 20th December, 2017 to inter alia consider a proposal for raising of funds by issue of equity shares/ depository receipts and other securities including through Qualified Institutions Placement (QIP)/ American Depository Receipts (ADRs) program, preferential allotment or such other methods or combinations as may be decided, as well as a preferential issue to Housing Development Finance Corporation (HDFC), the promoter of the bank, HDFC Bank said in a regulatory filing.
The raising of funds subject to such regulatory/ statutory approvals as may be required, including approval of shareholders of the Bank, if required, it added.
Earlier in February 2015, HDFC Bank had raised nearly Rs 9,800 crore through a combination of foreign and domestic offerings. The bank raised about Rs 7,800 crore through an American depositary receipt (ADR). It also sold about 18.7 million new shares in the domestic market at Rs 1,067 per share, aggregating to Rs 1,985 crore through a QIP offering.
The stock surpassed its previous high of Rs 1,876.95 touched on October 24, 2017 in intra-day trade.
A meeting of the board of directors of the Bank will be held on 20th December, 2017 to inter alia consider a proposal for raising of funds by issue of equity shares/ depository receipts and other securities including through Qualified Institutions Placement (QIP)/ American Depository Receipts (ADRs) program, preferential allotment or such other methods or combinations as may be decided, as well as a preferential issue to Housing Development Finance Corporation (HDFC), the promoter of the bank, HDFC Bank said in a regulatory filing.
The raising of funds subject to such regulatory/ statutory approvals as may be required, including approval of shareholders of the Bank, if required, it added.
Earlier in February 2015, HDFC Bank had raised nearly Rs 9,800 crore through a combination of foreign and domestic offerings. The bank raised about Rs 7,800 crore through an American depositary receipt (ADR). It also sold about 18.7 million new shares in the domestic market at Rs 1,067 per share, aggregating to Rs 1,985 crore through a QIP offering.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%