HDFC Bank Plans To Raise Up To Rs 50,000 Crore Through Bond Issuances
The plan is on the agenda of the bank's annual general meeting on July 18.
Jun 29, 2020 / 03:06 PM IST
Private sector lender HDFC Bank plans to raise up to Rs 50,000 crore by issuance of unsecured perpetual debt Instruments, Tier II Capital Bonds and Long Term Bonds in the domestic market in one or more tranches.
The bank will consider "to Issue Unsecured Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds and Long
Term Bonds (financing of infrastructure and affordable
housing) on a private placement basis and in this regard to
consider and, if thought fit, to pass the following resolution,
as a special resolution," it said.
The plan is among the agenda items listed for the annual general meeting on July 18, the bank said. The agenda also includes the appointment of Renu Karnad as a non-executive director and reappointment of Kaizad Bharucha as an executive director.
The AGM, to be held through videoconferencing, will also consider the reappointment of Malay Patel as an independent director.
A number of private banks have in recent months announced their plans to raise capital. These include ICICI Bank, Axis Bank, Kotak Mahindra Bank and Kerala-Based Federal Bank. Banks are raising funds to augment their capital base following the coronavirus outbreak and prepare for growth.