HDFC Bank gains on CCEA nod to raise Rs 10,000 crore

 

Shares of HDFC Bank were up nearly 2% at Rs 1,076 after the Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved HDFC Bank’s proposal to raise up to Rs 10,000 crore by selling shares to foreign investors.

About a month ago, the Foreign Investment Promotion Board (FIPB) had also cleared the proposal.

A statement issued by CCEA said the approval was subject to aggregate foreign shareholding in HDFC Bank not exceeding 74 per cent of the post-issue paid-up capital.

The stock opened at Rs 1,073 and touched a high of Rs 1,077. At 10AM, over 400,000 shares were traded on both the stock exchanges.