Business

Hdfc Bank will raise Rs 50,000 Crore via bonds; Reappoints Renu Karnad as Director


HDFC Bank announced on Saturday that it will raise up to Rs 50,000 crore next year by issuing bonds aimed at financing infrastructure and affordable housing loan needs of customers. The decision was made at the board meeting.

The board of directors approved the issuance of perpetual debt instruments (part of the additional Tier I capital), Tier II capital bonds and long-term bonds (financing of infrastructure and housing affordable) up to a total amount of Rs 50,000 crore, it said in a settlement. deposit. The funds will be raised over the next 12 months through a private placement, subject to shareholder and other approvals, he added.

The country’s largest private sector lender by asset size, which is about to merge its parent company HDFC Ltd with itself, also informed that the board had approved the reappointment of Renu Karnad as a non-executive director on the bank’s board of directors for a period of five years from September 3, 2022.

His appointment is subject to shareholder approval at the bank’s next annual general meeting. Karnad’s reappointment is as Designated Director of Housing Development Finance Corporation (HDFC Ltd), promoter of the bank. Renu Karnad has been the Managing Director of HDFC Corporation Ltd since 2010. “Karnad is not barred from serving as a director by any order of SEBI or any other similar authority. She is not related to any director of the bank,” HDFC Bank said. .

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