The Indian Wire » Business » HDFC bank plans to sell perpetual bonds to raise upto Rs 50,000 Crores
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HDFC bank plans to sell perpetual bonds to raise upto Rs 50,000 Crores

HDFC is planning to issue unsecured perpetual debt Instruments, Tier II Capital Bonds and Long Term Bonds in the domestic market in order to raise funds of up to Rs 50,000. These issuances are likely to be offered in one or more tranches. The money raised will help the bank to augment its capital base which is needed to rebound from the effects of the economic fallout of COVID Pandemic and prepare for growth ahead.

According to the bank, it is considering “to Issue Unsecured Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds and Long Term Bonds (financing of infrastructure and affordable housing) on a private placement basis and in this regard to consider and, if thought fit, to pass the following resolution, as a special resolution”.

The plan is among the agenda items listed for the annual general meeting on July 18, it added. Bank has decided to appoint Renu Karnad as a Non-executive Director and to reappoint Kaizad Bharucha as an Executive Director under its agenda based plans. The bank will also decide on the reappointment of Malay Patel as an independent director in the virtual AGM.

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