HDFC welcomes Centre’s approval for fund raising

As this was an FDI proposal in excess of Rs 5,000 crore not under the automatic route, it required approval from the Cabinet Committee on Economic Affairs .

CCEA
Srinagar, Publish Date: Jun 21 2018 1:17AM | Updated Date: Jun 21 2018 1:17AM
HDFC welcomes Centre’s approval for fund raisingRepresentational Pic

HDFC Bank has welcomed the Centre government’s approval for its proposal of raising Rs 24,000-crore capital. 

The decision comes against the backdrop of an expected pick-up in credit growth driven by consumption-led demand and a recovery in the investment cycle, according to a statement issued by the HDFC on Wednesday. 

“We are delighted to hear that the government has approved our capital raising proposal. The additional capital will go a long way in supporting our growth plans over the next few years, especially in semi-urban and rural India,” said PareshSukthankar deputy managing director, HDFC Bank in the statement. “We do believe this decision bodes well for the overall investment climate and foreign inflows as well.” 

As this was an FDI proposal in excess of Rs 5,000 crore not under the automatic route, it required approval from the Cabinet Committee on Economic Affairs .

 

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