Private lender HDFC Bank raising up to Rs 24,000 crore for issue of shares

Vastavam web: Private lender HDFC Bank today said its board has approved raising up to Rs 24,000 crore through a preferential issue of shares to promoter HDFC and issuance of shares and depository receipts.”The board of directors of the bank, at their meeting held on 20th December, 2017, has approved raising of funds aggregating up to Rs 24,000 crore,” HDFC Bank said in a BSE filing.The balance amount will be raised through issuance of shares, convertible securities, depository receipts pursuant to a qualified institutional placement (QIP)/American Depository Receipts (ADR)/Global Depository Receipts (GDR).HDFC Bank will seek approval of its shareholders in an extraordinary general meeting of the bank on January 19, 2018.