HDFC Bank approves Rs 24,000 crore mega fundraising plan; includes Rs 8,500 crore from HDFC Ltd
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India’s most valuable lender HDFC Bank on Wednesday approved a mega-fundraising plan of Rs 24,000 crore to fund its growth. HDFC Bank had grown multifold in recent past as the bank has surpassed age-old financial conglomerate ICICI Bank in terms of assets and market capitalisation and is now is India’s second-biggest lender by assets behind India’s biggest bank State Bank of India. HDFC Bank has said that it would raise up to Rs 24,000 crore to fund its growth by selling shares to domestic and international investors including a preferential issue to its parent company HDFC Ltd.
HDFC Bank’s fundraising plan has been announced just a day after its parent company and India’s largest housing financier Housing Development Finance Corporation said that its board has approved to raise as much as Rs 13,000 crore as a part of its fundraising plans. As part of the planned fundraising, HDFC Bank will issue up to Rs 8,500 crore worth of shares to HDFC Ltd on a preferential basis, while the remainder will be raised via modes including American Depositary Receipts and a share sale in India to institutional investors.
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