HDFC Bank to raise Rs 15,500 cr to fund business expansion; fixes floor price for QIP

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

Press Trust of India July 31, 2018 07:23:27 IST
HDFC Bank to raise Rs 15,500 cr to fund business expansion; fixes floor price for QIP

New Delhi: Private lender HDFC Bank on Monday 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 to raise Rs 15500 cr to fund business expansion fixes floor price for QIP

Reuters image.

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 $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 percent on the BSE.

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