HDFC Bank gets shareholders' nod to raise up to Rs 50,000 crore

HDFC Bank has received shareholders' approval to raise up to Rs 50,000 crore through bonds.

The approval was given at the 26th Annual General Meeting of the bank concluded on Saturday.

"Approval of shareholders was obtained for issue of 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 of an amount in aggregate not exceeding Rs 50,000 crores," the bank said in a regulatory filing on Sunday.

Several banks, both private and public, are looking at raising funds of late.

The shareholders of HDFC Bank also approved the re-appointment of Malay Patel as an Independent Director, and Kaizad Bharucha as Executive Director and appointment of Renu Karnad as Non-Executive Director of the bank.