HDFC Bank hits fresh record high, up nearly 3% ahead of board meet for fund raising
HDFC Bank shares hit fresh record high of Rs 1,887.45, up 2.7 percent intraday Friday ahead of board meeting to consider fund raising proposal.
The country’s second largest private sector lender informed exchanges that a meeting of the board of directors of the bank will be held on December 20 to consider a proposal for raising of funds by issue of equity shares or depository receipts and other securities including through qualified institutions placement or American Depository Receipts program, preferential allotment or such other methods or combinations.
The board will also consider a preferential issue to Housing Development Finance Corporation, the promoter of the bank.
The bank said the board, if required, would further consider convening an extra-ordinary general meeting to obtain approval of the shareholders for the above proposal, if the same is approved by the board.
Hence, the trading window for dealing in the securities of the Bank will be closed for designated employees and connected persons, from December 15 till December 22, 2017 (both days inclusive).
At 11:54 hours IST, the stock price was quoting at Rs 1,877.00, up Rs 39.80, or 2.17 percent on the BSE.