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HDFC Bank shares gain over 3%

Shares of HDFC Bank rose by over 3 percent Thursday after the Cabinet Committee on Economic Affairs cleared a proposal of the company to raise Rs 10,000 crore from foreign investors.

Mumbai: Shares of HDFC Bank rose by over 3 percent Thursday after the Cabinet Committee on Economic Affairs cleared a proposal of the company to raise Rs 10,000 crore from foreign investors.

HDFC Bank's stock rose by 3.42 percent to settle at Rs 1,094.30 on the BSE. During the day, it jumped 3.93 percent to Rs 1,099.70.

On the NSE, it closed with a gain of 3.27 percent at Rs 1,093.

The CCEA yesterday approved the HDFC Bank proposal that will raise its foreign holding to 74 per cent, enabling inflow of around Rs 10,000 crore from overseas investors, an official statement had said yesterday.

Total foreign investment in HDFC Bank was 73.39 percent at the end of June 2014. It had come down to 73.2 percent at the end of September.

The funds would be raised by issuing shares to non- resident Indians or FIIs or foreign portfolio investors subjected to aggregate foreign shareholding not exceeding 74 percent of the post issue paid up capital, the statement had said.