HDFC Bank silent on raising Rs.10,000 crore

Chennai: Private lender HDFC Bank Thursday remained silent on reports it has raised over Rs.9,880 crore through its qualified institutional placement (QIP) and American Depository Receipts (ADR) that opened late Wednesday.

According to reports Thursday, HDFC Bank has raised Rs.9,880 crore through a mix of QIP and ADR issue.

Contacted for confirmation, the bank spokesperson told IANS: "We have nothing to say now. We stick to our filings with the stock exchange."

The bank informed the stock exchanges Thursday that the floor price of per equity share for the QIP and ADRs has been fixed at Rs.1,061.84.

The relevant date for both the issues has been fixed at Feb 4.

As per the resolution passed by the special committee of the bank's board of directors, the bank was authorised to raise capital not exceeding Rs.2,000 crore from QIP and Rs.8,500 crore from ADR.

Each ADR represents three equity shares.

Meanwhile the bank in its filing with the Bombay Stock Exchange (BSE) late Thursday said its special committee has declared the closure of the issue period for the ADR offering Feb 5.

The committee also determined and approved the issue price of $57.76 per ADR to be issued to eligible investors in the ADR offering.