This is topic to the approval of the shareholders of the financial institution and another regulatory approvals as could also be relevant.
The choice on this regard was taken within the board assembly through the day, HDFC Bank mentioned in a regulatory submitting.
Private sector HDFC Bank on Saturday mentioned its board gave approval for elevating Rs 50,000 crore from bonds through the present fiscal to fund enterprise progress.
The choice on this regard was taken within the board assembly through the day, HDFC Bank mentioned in a regulatory submitting.
The board of administrators of “HDFC Bank at its assembly held as we speak, has permitted the issuance of Perpetual Debt Instruments (a part of Additional Tier I capital), Tier II Capital Bonds and Long-Term Bonds (Financing of Infrastructure and Affordable Housing) as much as complete quantity of Rs 50,000 crores over the interval of subsequent twelve months by means of personal placement mode,” it said.
This is subject to the approval of the shareholders of the bank and any other regulatory approvals as may be applicable, it added.
HDFC has already received the required approvals from the Securities and Exchange Board, shareholders of HDFC and HDFC Bank, the Pension Fund Regulatory and Development Authority and the Competition Commission of India.
This approval will help pave the way for the merger of HDFC into HDFC Bank expected to be finalised by the third quarter of next financial year.
The proposed entity will have a combined asset base of around Rs 18 lakh crore.
Once the deal is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank. Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.
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