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HDFC Bank to raise Rs4,200 crore; plans preferential issue, ESOP
18 May 2007

Mumbai: HDFC Bank will issue additional shares to raise an estimated Rs4,200 crore, one-third of which would be mopped up through promoters by way of preferential allotment.

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 send this article to a friend heels of its bigger rival ICICI Bank's decision to mop up over Rs20,000 crore.

HDFC Bank shares rallied to close at Rs1,036.25, up 0.23 per cent from the previous session.

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HDFC Bank to raise Rs4,200 crore; plans preferential issue, ESOP