Tuesday, January 22, 2019
News

HDFC Bank welcomes govt approval on its fund-raising proposal

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

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.

UNI JS NV SB 1657

-- (UNI) -- C-1-DL0171-1402663.Xml

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Kumbh 2019: NGO treats people with physi...
Rajasthan govt decides to reverse Atal S...
Suspecting of extramarital affair, woman...
Fillip to Odisha tourism: Biju Patnaik I...
Assam police apprehends 30 Rohingyas fro...
Swine flu cases climb to 1335 in Rajasth...
More...    
 
 Top Stories
Rescue efforts continue in Kerch St... 
Odisha CM writes to Piyush Goyal fo... 
Delhi to witness another spell of r... 
EVM Hackathon: Andhra CM demands EC... 
9 people killed as truck ploughs in... 
Parrikar's mind is sharp but physic... 
ELN claims responsibility for Bogot... 
Family throws infant over suspicion...