HDFC Bank has raised Rs.8,500 crore from it parent HDFC Ltd, by issuing over 3.9 crore shares on preferential basis.

The bank in a regulatory filing stated, “The share allotment committee of the bank at its meeting held today has allotted 3,90,96,817 share to Housing Development Finance Corporation Ltd at an issue price of Rs 2,174.09 per equity share aggregating to Rs 84,99,99,98,871.53.” Further, this is part of the bank’s Rs.24,000 crore fundraising plan that was approved by the board of directors in December.

Read EquityPandit’s Technical Analysis of Nifty Bank Outlook for the Week