HDFC Bank gets OK to seek shareholder approval for capital increase

By Tali David

Minneapolis, May 19 - HDFC Bank Ltd. informed the Bombay Stock Exchange that its board met on May 19 and approved seeking shareholders' approval of raising the bank's equity share capital up to an aggregate sum of Rs. 100 billion, including the share premium amount.

The proposed issue would be made by one or more public or private offerings in domestic or international markets in the form of equity shares and/or securities convertible into shares at the option of the bank and/or the holders of such securities.

The issue is expected to be completed within a period of one year from the date of approval.

HDFC is a Mumbai-based bank.

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