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HDFC Bank plans to raise funds from market

HDFC Bank said it will be raising Rs 10,000 crore from the market over the next one year through sale of fresh equity shares. The bank proposes to sell the new shares in domestic as well as foreign markets. The bank said in a notice the proposed issue is to be made by creating, issuing, offering in the course of one or more public or private offerings in domestic or one or more international markets, equity shares and/or equity shares through depository receipts and/or securities convertible into equity shares at the option of the bank and/or the holders of such securities, and/or securities linked to equity shares and/or any instrument or securities representing equity shares and/or convertible securities linked to equity shares. The bank expects to get a formal approval for the shareholders for this purpose at the annual general meeting of the bank in June. According to Basel-III norms, the tier-I capital or core capital has to 7% of risk weighted average. The bank traditionally had few percentage points higher tier-I capital than the minimum prescribed limit of 6%. In fact, it had a tier-I capital at 11.8% at the end of the last financial year.

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