HDFC Bank to raise $1bn via new shares

New Delhi, May 17: HDFC Bank Ltd today said its board had approved plans to raise additional share capital worth one billion dollar or Rs 4,200 crore, whichever is higher.

As part of the issue, the bank would offer preferential shares to parent firm Housing Development Finance Corporation (HDFC) at Rs 1,023.49 a share to maintain its stake at 23 per cent after the issue of new capital, company said in a statement.

The balance amount of the proposed equity capital may be raised either as domestic public offering or as public or private offerings in one or more international markets, it added.

The proposed equity issue will result in the reduction of the present shareholding of the HDFC, the promoter group currently at 21.56 per cent.

UNI