HDFC Bank raises Rs 2,775 cr via QIP

HDFC Bank today said it has raised Rs 2,775 crore by issuing over 1.28 crore shares through qualified institutions placement (QIP).

The private sector lender said the share allotment committee of directors at its meeting held today approved the issue and allotment of 1,28,47,222 equity shares at an issue price of Rs 2,160 per equity share aggregating to Rs 27,74,99,99,520.

In a regulatory filing, the bank said: "the committee has approved the issue and allotment of 5,25,00,000 equity shares underlying the 1,75,00,000 ADRs to JP Morgan Chase Bank NA as depository pursuant to the ADR offering".

Pursuant, to the QIP and ADR offering the paid-up equity share capital of the bank stands increased to Rs 541.72 crore consisting of 270.86 crore equity shares, it said.

Stock of the bank closed 1.30 per cent down at Rs 2129.25 on BSE.