HDFC Bank To Raise Rs 50,000 Crore Through Bonds; reappoints Renu Karnad as director

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HDFC Bank said on Saturday it will raise to Rs 50,000 crore in the coming year by issuing bonds aimed at financing infrastructure and affordable housing loans from the customers.

The decision was taken at the meeting of the board of directors.

The board has approved the issuance of perpetual debt instruments (part of additional tier I capital), tier II capital bonds and long-term bonds (infrastructure financing and affordable housing) for a total amount of Rs 50,000 crore, it said in a regulatory filing.

The funds will be raised through private placement over the next 12 months, subject to shareholder approval, among others, it added.

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

Her appointment is subject to shareholder approval at the bank’s subsequent annual general meeting.

Karnad’s reappointment is as nominee director of Housing Development Finance Corporation (HDFC Ltd), the bank’s promoter. Renu Karnad has been Managing Director of Housing Development Finance Corporation Ltd since 2010.

“Karnad is not barred from holding the office of director by SEBI warrant or any other such authority. She is not related to a director of the bank,” said HDFC Bank.





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