HDFC Bank Edges Higher On Fund-Raising Plans

The money will be raised by issuing perpetual debt instruments, Tier II capital bonds and long-term bonds through private placement mode, HDFC Bank said

HDFC Bank shares edged higher in a weak market after the private sector bank announced plans to raise funds up to Rs 50,000 crore over the period of twelve months. The money will be raised by issuing perpetual debt instruments (part of additional Tier I capital), Tier II capital bonds and long-term bonds through private placement mode, the bank said in a regulatory filing to the stock exchanges. The Board of Directors will consider the proposal at its board meeting scheduled on April 17, 2021. The BSE Sensex was trading at 48,232.50, weaker by 315.55 points or 0.64 per cent and the NSE Nifty was at 14,421.35, down 82.35 points or 0.56 per cent at the time.