HDFC Bank rose 1.44% to Rs 1,082.65 at 10:05 IST on BSE after the bank said it will raise funds by issuing American depository receipts and the rest from domestic institutional investors.
The announcement was made before trading hours today, 5 February 2015.
Meanwhile, the BSE Sensex was up 122.86 points, or 0.43%, to 29,005.97.
On BSE, so far 50,000 shares were traded in the counter, compared with an average volume of 1.96 lakh shares in the past one quarter.
The stock hit a high of Rs 1,092 and a low of Rs 1,070.25 so far during the day. The stock hit a record high of Rs 1,099.70 on 29 January 2015. The stock hit a 52-week low of Rs 625.75 on 5 February 2014.
The stock had outperformed the market over the past one month till 4 February 2015, rising 10.60% compared with 3.57% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.22% as against Sensex's 3.67% rise.
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The large-cap private sector bank has an equity capital of Rs 483.76 crore. Face value per share is Rs 2.
HDFC Bank said it will raise funds through a combination of share sales to qualified institutional investors and the issue of American Depository Receipts (ADRs). HDFC Bank's board approved raising upto Rs 2000 crore through issue of equity shares to qualified institutional investors. The bank will raise upto Rs 8500 crore through issue of American Depository Receipts (ADRs). The floor price for QIP issue and the ADR issue is fixed at Rs 1,061.84 per equity share.
In a separate announcement, HDFC Bank said it received an approval from the Foreign Investment Promotion Board (FIPB) allowing the bank to maintain the permissible foreign holding upto 74% of its paid up share capital and issue further equity shares aggregating to an amount upto Rs 10000 crore to NRIs/FIIs/FPIs not exceeding 74% of the post issue paid up capital of the bank.
HDFC Bank's net profit rose 20.1% to Rs 2381.46 crore on 16.4% rise in total income to Rs 13894.73 crore in Q2 September 2014 over Q2 September 2013.
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