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Shareholders of HDFC Bank have approved to raise up to ₹50,000 crore through bonds to enhance capital base to fund its business growth.
The decision to this effect was taken in the Annual General Meeting concluded on Saturday.
“Approval of shareholders was obtained for the issue of unsecured perpetual debt instruments (part of additional tier I capital), tier II capital bonds and long term bonds (financing of infrastructure and affordable housing) on a private placement basis of an amount in aggregate not exceeding ₹50,000 crore,” HDFC Bank said in a regulatory filing on Sunday.
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Even as growth in retail loans has slowed considerably, robust growth in corporate loans has helped earningsLast month, the board cleared the capital proposal to be carried out over the next twelve months.
Besides, shareholders also cleared a proposal for re-appointment of Kaizad Bharucha as executive director of the bank.
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