HDFC Bank Will Raise Rs. 50,000 Crore From Capital Bonds.

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Private sector bank HDFC Bank is raising Rs 50,000 Crore through capital bonds, the bank has got approval from its shareholders. HDFC Bank announced this in its 26th Annual Mahasabhi (AGM). Apart from this, Canara Bank is also planning to collect five thousand crore rupees.

HDFC Bank said that an unsecured permissible debt instrument (additional portion of Tier-1 capital bonds), Tier-2 capital bonds and long-term bonds will be raised by issuing private placements amounting to Rs. 50,000 crore. In fact, due to the coronavirus epidemic, many banks are planning to raise funds. In addition, HDFC Bank shareholders have approved the reappointment of Malay Patel as independent director and Kaizad Bharucha as executive director. Renu Karnad has been elected as the non-executive director of the bank.

At the same time, Canara Bank is planning to raise five thousand crores rupees to compensate the loss due to coronavirus and to meet its needs. For this, it is necessary to get the approval of the shareholders and a decision will be taken in the AGM of August 10′ 2020. Canara Bank will acquire these funds through rights options, qualified institutional placement (QIP) among other options. In the annual report for 2019-20, Canara Bank informed that the bank has an existing equity capital of Rs 1,030.23 crore.

 

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