The private bank on Monday said it plans to raise capital by additional tier- I (AT1) bonds in the overseas market to fund its business growth.
According to the media reports, the bank is expected to raise up to $1 billion from these dollar denominated bonds.We hereby inform you that the bank had approved the issuing of debt instruments in the form of the notes, subject to market conditions," HDFC Bank said in a regulatory filing. An offering memorandum (OM) has been prepared and shall be made available to the prospective investors in relation to the contemplated issue of notes, it said.
The notes will not be offered or sold in India under the applicable laws, including the Companies Act, 2013, as amended from time to time, it added.
Earlier in April, the bank had informed that it is planning to raise up Rs 50,000 crore during the next 12 months through issuing bonds.
HDFC Bank is one of India's leading private banks. As of 30 June 2021, the bank's distribution network was at 5,653 branches and 16,291 ATMs / cash deposit & withdrawal machines (CDMs) across 2,917 cities / towns.
The private sector bank reported 16.08% rise in standalone net profit to Rs 7,729.64 crore on 6.73% increase in total income to Rs 36,771.47 crore in Q1 FY22 over Q1 FY21.
Shares of HDFC Bank were trading 0.35% higher at Rs 1,530.50 on BSE.
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