HDFC Bank raises Rs 8,500 cr by issuing equity to parent HDFC

HDFC Bank today said it has raised Rs 8,500 crore by issuing over 3.9 crore shares on preferential basis to its parent HDFC Ltd.

"The share allotment committee of the bank at its meeting held today has allotted 3,90,96,817 share to Housing Development Finance Corporation Ltd at an issue price of Rs 2,174.09 per equity share aggregating to Rs 84,99,99,98,871.53," HDFC Bank said in a regulatory filing.

This is part of the bank's Rs 24,000 crore fund raising plan that was approved by the board of directors in December.

Of this, Rs 8,500 was planned to be raised by issuing equity to HDFC on a preferential basis and the balance through issuance of equity shares or convertible securities or depository receipts to a qualified institutions placement or through ADR/GDR.

As on June 30, 2018, the promoter firm HDFC Ltd held 20.86 per cent of the bank's equity capital.

Stock of the bank closed 0.34 per cent up at Rs 2176.70 on BSE.