India’s largest mortgage lender HDFC Bank has been planning to raise as much as INR450bn ($5.97bn) by issuing debt securities, the Press Trust of India (PTI) has reported.
The bank said it will seek prior approval from its shareholders in the upcoming annual general meeting (AGM) this month-end.
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HDFC’s board of directors will meet on 30 July to report the quarterly results of its first quarter ended June of FY2020-21, according to a regulatory filing.
The AGM will be held on the same day, the report added.
In the filing, HDFC noted: “At the said meeting, subject to the approval of the shareholders of the Corporation, the board of directors of the Corporation shall consider issuance of secured redeemable non-convertible debentures, in various tranches, aggregating INR450bn on a private placement basis.”
The latest move follows last month when HDFC Bank announced its plans to raise INR500bn ($6.57bn) by issuing debt securities.
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By GlobalDataThe share price of HDFC closed at INR1,793 apiece on the National Stock Exchange (NSE), a 2.84% drop from the previous close.
Recent moves at HDFC
Recently, HDFC Bank carried out a probe into its vehicle-financing operations for improper lending practices.
The People’s Bank of China (PBoC), the country’s central bank, divested some or all its stake in HDFC.
