HDFC Bank gets nod to price Rs. 600 billion bonds over 12 months

By Mary-Katherine Stinson

Lexington, Ky., April 22 – HDFC Bank Ltd.’s board of directors approved the issuance of up to Rs. 600 billion over the next 12 months, according to a 6-K filing with the Securities and Exchange Commission.

The issuance will include perpetual debt instruments as part of additional tier 1 capital, as well as tier 2 capital bonds and long-term bonds for financing infrastructure and affordable housing.

The approved securities will be issued by private placement, subject to the approval of shareholders at the company’s upcoming annual general meeting.

HDFC Bank is a Mumbai-based banking and financial services company.

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