HDFC Bank to raise Rs 50K cr via bonds
Private sector lender HDFC Bank on Friday said it plans to raise Rs 50,000 crore through bonds over one year to fund business growth. The board has accorded approval for seeking shareholders nod at the AGM for issue of perpetual debt instruments, tier II bonds, senior long-term infra bonds up to a total amount of Rs 50,000 crore in the next 12 months through private placement, HDFC Bank said in a regulatory filing. The Board meeting will be held on May 19 to decide on the date of the AGM. For the fourth quarter, HDFC Bank reported a 20.2 per cent jump in net at Rs 3,374.2 crore, helped by a healthy rise in core net interest income (NII). The bank, which registered around 30 per cent profit growth for over a decade till 2013-14, posted a 20.4 per cent growth in post-tax profit at Rs 12,296.2 crore for the fiscal. For January-March, NII rose 24 per cent to Rs 7,453.3 crore, while the non-interest income was up 11.8 per cent to Rs 2,865.9 crore.