HDFC Bank allots shares worth Rs 4,000 cr

"The bank has alloted 2,62,00,220 warrants convertible into equity shares of the face value of Rs 10 each for cash at a premium of Rs 1,520.13 per shares to HDFC Ltd on preferential basis," HDFC Bank informed the BSE.     
The allotment would enable HDFC Ltd to maintain its shareholding percentage in the bank following the amalgamation of Centurion Bank of Punjab with HDFC Bank. As on March 31, 2008 the promoters held 23.26 per cent stake in the bank.     

 

The preferential allotment to promoters is pursuant to the SEBI guidelines, it said. The merger of Centurion Bank of Punjab with HDFC Bank has already become effective from May 23 resulting in the nationwide network of 1,148 branches and the deposits base of over Rs 1,20,000 crore.     

The boards of HDFC Bank and CBoP had given in-principle approval for the merger of both the banks in February. Following the in-principle nod, HDFC Bank had approved the share swap ratio of 1:29.     

As per the ratio CBoP shareholder would get one share of HDFC bank for every 29 shares held.     

Shares of the HDFC Bank were trading at Rs 1,292 down 1.11 per cent towards the end of the trading session on the BSE, while HDFC Ltd scrip was down by 2.84 per cent at Rs 2,459.