HDFC Bank scales record high on fund raising plan

HDFC Bank rose 2.49% to Rs 1,883 at 09:25 IST on BSE after the bank announced that its board will meet on 20 December 2017 to consider a proposal for raising of funds through various modes.

The announcement was made after market hours yesterday, 14 December 2017.

Meanwhile, the S&P BSE Sensex was up 316.47 points or 0.95% at 33,563.17.

On the BSE, 28,000 shares were traded on the counter so far as against the average daily volumes of 1.63 lakh shares in the past one quarter. The stock hit a high of Rs 1,887.15 in intraday trade today, 15 December 2017, a record high. The stock hit a low of Rs 1,850 so far during the day. The stock had hit a 52-week low of Rs 1,165 on 15 December 2016.

The large-cap bank has equity capital of Rs 517.61 crore. Face value per share is Rs 2.

HDFC Bank announced that a board meeting will be held on 20 December 2017 to 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 (the Promoter).

HDFC Bank's net profit rose 20.1% to Rs 4151.03 crore on 16.6% growth in total income to Rs 23276.18 crore in Q2 September 2017 over Q2 September 2016.

HDFC Bank is one of the leading private sector banks in India. As on 30 September 2017, the bank had a network of 4,729 branches and 12,259 ATMs.

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