HDFC Bank plans to raise $3.6 billion

Mumbai: Lending major HDFC Bank plans to raise up to Rs 24,000 crore ($3.7 billion), subject to shareholder approvals. According to the lender, the decision to raise funds aggregating up to Rs 24,000 crore was taken by its board of directors in a meeting held on Wednesday. “... An amount up to a maximum of Rs 8,500 crore shall be through issuance of equity shares of face value of Rs 2 each of the bank pursuant to a preferential issue to Housing Development Finance Corporation Limited,” the lender said in a BSE filing. — IANS