HDFC Bank to seek investor nod to raise up Rs.50,000 crore via private placements

Mumbai: HDFC Bank Ltd said on Friday it will be approaching its shareholders for approval to raise up toRs.50,000 crore through private placement of various securities over the next 12 months.

The bank will seek approval to raise the funds by issuing perpetual debt instruments, tier-II capital bonds and senior long-term infrastructure bonds through the private placement mode, it said in a notification to the stock exchanges.

HDFC Bank’s board of directors will be meeting on 19 May and will be deciding on when it will be arranging the next annual general meeting, where the bank will be seeking these shareholder approvals.

The private sector lender had raised Rs.3,000 crore through private placements of bonds in April 2015.

Last week, the bank reported a net profit of Rs.3,374 crore for the January-March quarter, up over 20% from a year ago. The growth in profit was aided by a healthy growth in net interest income (NII).

For the fourth quarter, NII rose 24% to Rs.7,453.3 crore, while the non-interest income was up 11.8% to Rs.2,865.9 crore.

On Friday, HDFC Bank stock closed at Rs.1133.45 a share on BSE, up 1.69% from its previous close.