HDFC Bank has proposed to raise funds up to Rs 50,000 crore, via the issuance of bonds, over the next 12 months, it informed the exchanges on April 11. The proposal would be taken up for consideration by the board of directors during a meeting scheduled on April 15.
"...the bank proposes to raise funds by issuing Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds and Long-Term Bonds (Financing of Infrastructure and Affordable Housing) up to total amount of Rs 50,000 crores over the period of next twelve months
through private placement mode," the filing stated.
"The board of directors would consider this proposal at its ensuing board meeting to be held on April 15, 2023," HDFC Bank further said.
The announcement comes nearly a week after the lender shared its business update for the fourth quarter, informing the exchanges that its advances surged 17 percent on-year, while deposits gained 21 percent in the three-month period ending March 2023.
The bank’s advances aggregated to around Rs 16 lakh crore as of March 31, 2023 and deposits stood at Rs 18.83 lakh crore.
At the stock market, the scrip settled at Rs 1,665 apiece at the BSE on April 11. This was 0.4 percent higher as compared to the previous day's closing price.
At 17:30 on April 11, HDFC Bank was quoting Rs 1,663.70, up Rs 5.60, or 0.34 percent. It has touched an intraday high of Rs 1,668.50 and an intraday low of Rs 1,651.90.
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