Having taken the board's nod for Rs 10,000 crore fund raising, the Street is abuzz that HDFC Bank will soon go for a mega follow-on public offer (FPO). Though the issue will have to be primarily backed by domestic and retail investors as the FII holding in the lender has already hit the upper limit of 74 per cent, the expanded equity base will provide some room for overseas investors. investment bankers are confident that the FPO by the country's largest private sector bank will bring "ache din" (good days) for the Street.
Big bull enters Capital First
Dalal Street's big bull, Rakesh Jhunjhunwala, who has predicted that the recent market rise could become the mother of all bull runs, has been busy investing himself. Last week, he entered Capital First - a non-banking financial company - when erstwhile promoter Kishore Biyani's Future Group sold the remaining 7.84 per cent in open market transactions. The stock price of the company has been on fire for some time. It has risen from Rs 144 to Rs 210 - a 46 per cent rise since March this year - providing a good opportunity for Biyani to exit. Two years back, Future Group had divested its controlling stake to Warburg Pincus. As on March 31, 2014, Warburg Pincus held 71.89 per cent in the firm.
