HDFC Bank hit a record high of Rs 2,214, rising by 2%, and surpassing its previous high of Rs 2,190 while HDFC was up 1.2% at Rs 2,014, surpassing its earlier high of Rs 2,000 on the BSE on Monday in intra-day trade.
Gruh Finance (up 3% at Rs 334) and HDFC Standard Life Insurance Company (2% at Rs 473) were other HDFC Group companies, too trading higher by more than 1% on the BSE. On comparison, the S&P BSE Sensex was up 0.37% at 36,654 points at 10:09 am.
HDFC Bank on Tuesday after market hours said it has raised Rs 85 billion by issuing over 39 million shares on preferential basis to its parent HDFC.
"The share allotment committee of the bank at its meeting held today has allotted 39 million shares to Housing Development Finance Corporation at an issue price of Rs 2,174.09 per equity share aggregating to Rs 85 billion," HDFC Bank said in a regulatory filing.
This is part of the bank's Rs 240 billion fundraising plan that was approved by the board of directors in December.
The three-day IPO will open for subscription on July 25, parent HDFC said in a statement on Tuesday.
“The board of directors of the Corporation had approved offering up to 8.59 million equity shares of Rs 5 each of HDFC AMC representing 4.08% of its then existing issued and paid-up equity share capital, by way of an offer for sale in the proposed IPO of HDFC AMC”, it added. HDFC AMC operates as a joint venture between HDFC and Standard Life Investments.