HDFC Bank raises ₹50,000 Cr through bonds; reappoints Renu Karnad as director


Funds will be raised in private placement mode over the next 12 months

Funds will be raised in private placement mode over the next 12 months

HDFC Bank announced on Saturday that it will raise up to ₹50,000 crore over the next year by issuing bonds aimed at financing infrastructure and customer borrowing needs for affordable housing.

The decision was made at the board meeting.

The board has authorized the issuance of perpetual debt (part of additional Tier I capital), Tier II capital bonds and long-term notes (funding of infrastructure and affordable housing) up to a total of ₹50,000 crore, a regulatory said Submission.

The funds will be raised via private placement mode over the next 12 months, subject to approval by shareholders, among others, it added.

The country’s largest private lender by asset size, owning its parent company HDFC Ltd five years effective September 3, 2022.

Her appointment is subject to shareholder approval at the next annual general meeting of the bank.

Ms. Karnad’s re-appointment comes as nominee director of the Housing Development Finance Corporation (HDFC Ltd.), the bank’s promoter. Renu Karnad has been Managing Director of Housing Development Finance Corporation Ltd since 2010.

“Ms Karnad is not disqualified from the post of Director by order of the SEBI or any other such authority. She is not related to any director of the bank,” HDFC Bank said.

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