×
E-PAPER ▾

E-paper

BUSINESS & FINANCE

HDFC Bank: Capital infusion to aid semi-urban, rural play

| | Mumbai
HDFC Bank: Capital infusion to aid semi-urban, rural play

A day after getting the government's nod to raise up to Rs 24,000 crore capital, private sector lender HDFC Bank today said it will use the funds to grow in semi-urban and rural pockets.

"The additional capital will go a long way in supporting our growth plans over the next few years, especially in semi-urban and rural India," its deputy managing director Paresh Sukthankar said in a video message.

He also welcomed the Union Cabinet's nod and added that the decision bodes will for the overall investment climate as well as foreign inflows into the country.

In a statement, the bank said it had to get the go ahead from the Cabinet Committee on Economic Affairs (CCEA) as this was an FDI (foreign direct investment) proposal in excess of Rs 5,000 crore not under the automatic route.

The bank has been given the nod provided the overall foreign ownership does not breach the 74 per cent mark.

The Rs 24,000-crore capital infusion plan includes raising Rs 8,500 crore from parent HDFC such that the mortgage major's holding in the bank is retained at 25.60 per cent, while the rest is likely through a qualified institutional placement (QIP) of shares.

Media reports say at Rs 15,500-crore, this will be the highest ever QIP, exceeding the Rs 15,000 crore done by largest lender SBI last year.

The bank scrip closed 0.09 per cent up at Rs 2,037.15 a piece on the BSE as against a 0.39 per cent correction in the benchmark.

 
 
 
 
 

TOP STORIES

Sunday Edition

View All

‚ÄėAssault‚Äô on police driver: Action against Kerala ADGP

17 Jun 2018 | VR Jayaraj | Kochi

In a swift move intended at stemming the protests brewing in the State police force against certain top officials’ ‘feudalistic’ practice of persecuting policemen and camp followers by using them as house servants, the Kerala Government on Saturday removed ADGP Sudesh Kumar, whose daughter was the other day booked for assaulting and verbally abusing his official police driver, from the position of head of the Armed Police Battalion. The action against...

Read More

STATE EDITIONS

View All

Hry Govt forms panel to consider re-employment cases

22 Jun 2018 | PNS | Chandigarh

Haryana Government on Thursday constituted an Officers’ Committee under the chairmanship of Chief Secretary to examine the cases sent by Administrative Departments in respect of level or class of officers whose re-employment is essential in their respective Department. Apart from this, the State Government has also issued guidelines for every department in respect of re-employment after the age of 58 years as per the decision taken in the Haryana Cabinet meeting...

Read More

Page generated in 2.5761 seconds.