HDFC Bank public offer by yr-end

HDFC Bank is planning to hit the capital market with its third public offer by the end of the current fiscal. The bank plans to raise the ca...

HDFC Bank is planning to hit the capital market with its third public offer by the end of the current fiscal. The bank plans to raise the capital to augment its Tier-1 capital adequacy ratio and support its asset growth over the next three years.

The size of the offer is still under consideration. However, sources in the bank said it would be about Rs 800-900 crore. The funds raised through the offer will take care of the bank’s capital needs for the next three years, they added.

Confirming the development, HDFC Bank’s country head (retail) Neeraj Swaroop said: ‘‘We will need Tier-1 capital to maintain the growth in our assets and will enter the market towards the end of the current fiscal or in the first quarter of the next fiscal’’.

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However, Swaroop declined to give indication on the size of the issue and said: ‘‘It will depend on how we finish the current fiscal’’.

The bank is evaluating all options for equity offering, including American Depository Receipts (ADRs), rights issue or a public offer. According to sources, the bank is most likely to come out with a public offer. The bank is also supporting its asset growth through internal capital generation, as many retail initiatives of the bank have started yielding returns.

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