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HDFC Bank plans to raise Rs 15,500 cr; fixes floor price for QIP

The issue price for QIP was Rs 1,067 per share. The bank used proceeds for enhancing solvency and capital adequacy ratio and general corporate purposes.


PTI 30 Jul 2018, 03:30 PM India

Private lender HDFC Bank today said it has fixed Rs 2179.13 as the floor price for share sale to raise Rs 15,500 crore to fund business expansion.

The fund will be raised through qualified institutional placement (QIP) and American Depository Receipts (ADRs).

The board fixed the floor price for the QIP at Rs 2,179.13 per share, HDFC Bank said in a regulatory filing to the stock exchanges.

The floor price for the ADR is also fixed at Rs 2,179.13 per share, the company said in a statement.

HDFC Bank raised about Rs 10,000 crore in 2015 by selling ADRs and India-listed shares to the qualified institutional investors.

As per the US Securities and Exchange Commission filing, the company has raised USD 1,270.72 million (about Rs 8,000 crore) by issuing 22 million ADS to the global investors.

Besides, the bank has raised about Rs 2,000 crore through QIP route in domestic market.

The issue price for QIP was Rs 1,067 per share. The bank used proceeds for enhancing solvency and capital adequacy ratio and general corporate purposes.

Shares of HDFC Bank closed at Rs 2,172.25 per unit, down by 1.41 per cent on the BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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