HDFC Bank hits new high on fund raising plans

STOCK MARKET - HDFC Bank hit a new high of Rs 1,887, up 2.7% on the BSE, after the private sector lender announced that its board will meet on Wednesday, December 20, 2017 to consider a proposal for raising of funds.

The stock surpassed its previous high of Rs 1,876.95 touched on October 24, 2017 in intra-day trade.

A meeting of the board of directors of the Bank will be held on 20th December, 2017 to inter alia consider a proposal for raising of funds by issue of equity shares/ depository receipts and other securities including through Qualified Institutions Placement (QIP)/ American Depository Receipts (ADRs) program, preferential allotment or such other methods or combinations as may be decided, as well as a preferential issue to Housing Development Finance Corporation (HDFC), the promoter of the bank, HDFC Bank said in a regulatory filing.

The raising of funds subject to such regulatory/ statutory approvals as may be required, including approval of shareholders of the Bank, if required, it added.

Earlier in February 2015, HDFC Bank had raised nearly Rs 9,800 crore through a combination of foreign and domestic offerings. The bank raised about Rs 7,800 crore through an American depositary receipt (ADR). It also sold about 18.7 million new shares in the domestic market at Rs 1,067 per share, aggregating to Rs 1,985 crore through a QIP offering.