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HDFC Bank has received Union Cabinet approval for foreign direct investment (FDI) worth Rs.24,000 crore.
Piyush Goyal, Finance Minister after the Cabinet meeting stated that, this investment is including the premium, over and above the previous approved limit of Rs.10,000 crore, such that the composite foreign shareholding in the bank shall not exceed 74% of the enhanced paid-up equity share capital of the bank.
At present, the FDI in HDFC Bank is at 72.62%. Of the additional Rs.24,000 crore, Rs.8,500 is proposed to be allotted to the bank’s promoter HDFC Ltd, on a preferential basis.
