HDFC Bank rose 2.93% to Rs 828.25 at 13:49 IST on BSE after the bank's board approved to raise the equity share capital of the bank up to an aggregate sum of Rs 10000 crore including share premium amount.
The announcement was made during trading hours today, 19 May 2014.
Meanwhile, the BSE Sensex was up 267.50 points, or 1.11%, to 24,389.24.
On BSE, so far 10.52 lakh shares were traded in the counter, compared with an average volume of 2.02 lakh shares in the past one quarter.
The stock hit a high of Rs 834.45 and a low of Rs 812.55 so far during the day. The stock hit a record high of Rs 852.35 on 16 May 2014. The stock hit a 52-week low of Rs 528 on 28 August 2013.
The stock had outperformed the market over the past one month till 16 May 2014, rising 10.95% compared with 8.28% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 25.39% as against Sensex's 18.44% rise.
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The large-cap company has an equity capital of Rs 480.21 crore. Face value per share is Rs 2.
HDFC Bank announced that the board of directors of the bank at its meeting held on 19 May 2014, have decided to seek an enabling approval of the shareholders at the ensuing annual general meeting to raise the equity share capital of the bank up to an aggregate sum of Rs 10000 crore including share premium amount.
The proposed issue is to be made by creating, issuing, offering in the course of one or more public or private offerings in domestic or one or more international markets, equity shares and/or equity shares through depository receipts and/or securities convertible into equity shares at the option of the bank and/or the holders of such securities, and/or securities linked to equity shares and/or any instrument or securities representing equity shares and/or convertible securities linked to equity shares, HDFC Bank said in a statement.
The issue of capital is subject to the applicable laws, Sebi regulations and approvals of the Reserve Bank of India (RBI) and other regulatory authorities.
The issue is proposed to be completed within a period of one year from the date of shareholders approval.
HDFC Bank's net profit rose 23.11% to Rs 2326.52 crore on 14.94% increase in total income to Rs 12789.98 crore in Q4 March 2014 over Q4 March 2013.
HDFC Bank is a leading private sector bank in India.
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