HDFC Bank board ayes issue of debt securities, infrastructure bonds to raise Rs 50,000 crore

HDFC Bank on Friday said it will raise up to Rs 50,000 crore through debt securities and infrastructure bonds over the next 12 months.

In a filing to the BSE, HDFC Bank said the board has approved the issue of debt instruments, Tier II bonds and long term infrastructure bonds of up to Rs 50,000 crore.

The securities would be issued on private placement basis, it said, adding that the approval of shareholders for the issuance would be sought in the ensuing annual general meeting.

The bank further said that it will pay a dividend of Rs 11 on every equity share of Rs 2 each out of its net profit for the financial year ended March 31, 2017, HDFC Bank reported a net profit of Rs 14,549 crore, a growth of 18.3% in 2016-17 over the previous financial year.

The board has also approved the reappointment of Shyamala Gopinath as part time non-executive chairperson of the bank for the period January 2, 2018, to June 19, 2019.

Gopinath had served as a Deputy Governor at the Reserve Bank till June 2011 and handled key portfolios including banking regulation, financial markets and exchange rate.