HDFC Bank to raise Rs4,200 crore; plans preferential issue, ESOP
18 May 2007
The bank has already received shareholders'' nod to raise additional share capital of up to Rs4,200 crore, HDFC Bank said in a filing with the Bombay Stock Exchange (BSE).
HDFC Bank, India''s second-largest private lender, said the proposed equity issue will result in reduction of the promoters'' present shareholding of 21.56 per cent and hence, 1.35 crore equity shares would be allocated to them.
The preferential allotment would be made at an issue price of Rs1,023.49 per share, aggregating to over Rs1,390 crore.
HDFC Bank board has also approved a proposal to seek shareholders'' nod for grant of 1.5 crore stock options to its employees.
The bank plans to raise the balance amount either through domestic public offer or public or private offer in the international markets.
HDFC Bank''s plan to raise additional capital comes close on the