HDFC
Bank to raise Rs4,200 crore; plans preferential issue,
ESOP
18 May 2007
Mumbai:
HDFC Bank will issue additional shares to raise an estimated
Rs4,200 crore, one-third of which would be mopped up
through promoters by way of preferential allotment.
The
bank has already received shareholders' nod to raise
additional share capital of up to Rs4,200 crore, HDFC
Bank said in a filing with the Bombay Stock Exchange
(BSE).
HDFC
Bank, India's second-largest private lender, said the
proposed equity issue will result in reduction of the
promoters' present shareholding of 21.56 per cent and
hence, 1.35 crore equity shares would be allocated to
them.
The
preferential allotment would be made at an issue price
of Rs1,023.49 per share, aggregating to over Rs1,390
crore.
HDFC
Bank board has also approved a proposal to seek shareholders'
nod for grant of 1.5 crore stock options to its employees.
The
bank plans to raise the balance amount either through
domestic public offer or public or private offer in
the international markets.
HDFC
Bank's plan to raise additional capital comes close
on the
