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HDFC Bank has received approval from the Board of Directors to raise up to Rs.24,000 crore via the issue of shares.
As per the bank, out of the total, Rs.8,500 crore will be raised via a preferential issue of shares with a face value of Rs.2 each to parent Housing Development Finance Corporation and the rest Rs.15,500 crore will be raised via QIP and through issue of American Depository Receipts (ADRs) or Global Depository Receipts (GDRs).
Further, the bank will take the approval of its shareholders for the same at the extraordinary general meeting which is scheduled to be conducted on January 19.
