HDFC Bank to raise Rs 4200 crore

HDFC Bank’s board on 17 May 2007 had approved a proposal to raise additional Rs 4,200 crore. The above proposed equity issue will result in the reduction of the present shareholding of the promoter group, i.e. the HDFC Group which currently holds 21.56% stake.

With a view to maintain the promoter’s shareholding at same levels, the company has proposed to offer 1,35,82,000 equity shares at Rs 1023.49 each to promoters. The balance amount of the proposed equity capital may be raised through domestic or international markets