Private sector lender HDFC Bank plans to raise up to ₹50,000 crore through debt over the next 12 months. “We wish to inform you that the bank proposes to raise funds by issuing perpetual debt instruments (part of additional tier I capital), tier II capital bonds, and long-term bonds (financing of infrastructure and affordable housing),” the private sector lender said in a regulatory filing on Monday.
The proposal will be taken up on April 20 at the meeting of the bank’s board of directors when it will also announce the quarterly results.
Lowers MCLR rate
Meanwhile, HDFC Bank, which is the country’s largest private sector lender, also cut the marginal cost-based lending rates (MCLR) by 5 to 10 basis points across various tenors.
The move, which will bring relief to borrowers, comes after the Reserve Bank of India cut the repo rate by 25 basis points for a second time last week. According to the bank’s website, the overnight and one-month MCLR rate is now at 8.30 per cent. Previously, the overnight rate was 8.35 per cent and one-month rate was 8.40 per cent.
The bank’s scrip closed ₹ 2,288.90 apiece on the BSE.
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