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Shares of HDFC Bank rose as much as 2.7 per cent to a record high of Rs 1,888 on fund-raising plan.
According to BSE filing, the board meeting will be held on December 20, 2017 to inter alia consider a proposal for raising of funds by issue of equity shares/depository receipts and other securities, including through Qualified Institutions Placement (QIP)/American Depository Receipts (ADRs) programme, preferential allotment or such other methods or combinations as may be decided, as well as a preferential issue to Housing Development Finance Corporation Ltd (the Promoter).
The filing said that the issue of equity shares/depository receipts and other securities is subject to such regulatory/ statutory approvals as may be required, including approval of shareholders of the bank, if required. The board, if required, would further consider convening an Extra-Ordinary General Meeting to obtain the approval of the shareholders for the above proposal, if the same is approved by the board.
HDFC Bank stock was among the top percentage gainers on the broader NSE index; the stock accounted for almost a quarter of the index's gains. Brokerage Jefferies has maintained “buy” rating on the stock with a price target of Rs 2,165.
HDFC board will meet on December 19 to discuss the fund-raising plan to subscribe to HDFC Bank shares. The stock was up 1.3 per cent.
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