HDFC Bank strengthens on plan to raise Rs 10,000 crore from the market

HDFC Bank is currently trading at Rs. 819.00, up by 7.20 points or 0.89% from its previous closing of Rs. 811.80 on the BSE. The scrip opened at Rs. 819.00 and has touched a high and low of Rs. 820.85 and Rs. 804.10 respectively. So far 53150 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 852.35 on 16-May-2014 and a 52 week low of Rs. 528.00 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 852.35 and Rs. 767.35 respectively. The current market cap of the company is Rs. 196620.80 crore. The promoters holding in the company stood at 22.64% while Institutions and Non-Institutions held 44.00% and 16.40% respectively. HDFC Bank, the country’s second largest private sector lender, is planning to raise Rs 10,000 crore from the market over the next one year. In this regard, the bank has received its board’s approval to sell fresh equity shares in both domestic and foreign markets. The proposed issue is to be made by creating, issuing, offering in the course of one or more public or private offerings in domestic or one or more international markets, equity shares and/or equity shares through depository receipts and/or securities convertible into equity shares at the option of the Bank and/or the holders of such securities, and/or securities linked to equity shares and/or any instrument or securities representing equity shares and/or convertible securities linked to equity shares. The notice also mentions that a final approval of the bank’s shareholder is needed which will be granted at the annual general meeting of the bank which is on June 25.