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HDFC Bank welcomes govt approval on its fund-raising proposal

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Mumbai | Thursday, Jun 14 2018 IST
Private sector lender, HDFC Bank Ltd said that Bank welcomes the government's approval for its proposed capital raising of Rs. 24,000 crore. This decision comes against the backdrop of an expected pick-up in credit growth driven by consumption-led demand and a recovery in the investment cycle, a bank release said.

''We are delighted to hear that the government has approved our capital raising proposal. The additional capital will go a long way in supporting our growth plans over the next few years, especially in semi-urban and rural India,'' said Mr Paresh Sukthankar, Deputy Managing Director, HDFC Bank Ltd.

"We do believe this decision bodes well for the overall investment climate and foreign inflows as well," Mr Sukthankar added.

As this was an FDI proposal in excess of Rs 5,000 crore not under the automatic route, it required approval from the Cabinet Committee on Economic Affairs (CCEA). The government granted this approval on Wednesday to raise additional share capital of up to a maximum of Rs 24,000 crore, including premium, over and above the previous approved limit of Rs 10,000 crore, such that the composite foreign shareholding in the Bank shall not exceed 74 per cent of the enhanced paid-up equityshare capital of the bank.

As of March 31, 2018 the Bank had a network of 4,787 branches and 12,635 ATMs and had 4.3 crore customers across 2,691 Indian towns and cities. The Bank's balance sheet for the year stood at Rs 10.63 lakh crore.

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