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<ul><li>HDFC is looking to bring in more capital in the wake of the coronavirus pandemic to the tune of ₹14,000 crore. </li><li>India’s biggest mortgage lender plans to raise ₹10,000 through qualified institutional placement (QIP) and ₹4,000 in warrants. </li><li>Another ₹9,000 will be issued as secured redeemable non-convertible debentures.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider. </a></li></ul>India’s biggest mortgage lender Housing Development Finance Corporation (HDFC) is on the hunt for capital and that's boosting its share price. HDFC’s stock value jumped by 1.5% in early morning trade after the company announced that it has plans to raise ₹14,000 crore through its new equity fundraising program. Around ₹10,000 crore will come from qualified institutional placement (QIP) and ₹4,000 crore in warrants. <div type="image" title="HDFC BANK stock price (1)" msid="77385963" hostid="261" caption="&amp;lt;p&amp;gt;HDFC share price jumps 1.5% as markets open today morning&amp;lt;/p&amp;gt;"></div> The floor price for the equity shares has been set to ₹1,838.94 and the board of directors will meet again on August 10 to determine the issue price. In addition to the ₹14,000 crore, HDFC will also be issuing secured redeemable non-convertible debentures worth ₹9,000 crore. This is the third time in the last 12 years that HDFC is raising capital through such an offering. It did so once in 2009 and then again in 2015. HDFC's first full quarter in the face of the coronavirus pandemic saw a loss of 4.7% at the end of June. Its gross non-performing loans stood at ₹8,631 crore accounting for 1.87% of HDFC’s loan portfolio. The company already has ₹12,285 in the bank as provisions to serve as a cushion once the Reserve Bank of India’s (RBI) moratorium ends on August 31. It even added another ₹1,199 this quarter specifically for COVID related accounts. Despite having safeguards in place, many companies are going down the QIP route to shore up capital against the uncertainty of the coronavirus pandemic. This includes Kotak Mahindra Bank, Info Edge and — most recently to lay down its offering — <a href="https://www.businessinsider.in/finance/banks/news/axis-bank-finalises-10000-crore-share-sale-to-raise-funds-at-a-floor-price-of-442-19/articleshow/77354177.cms">Axis Bank for a whopping ₹ 10,000 crore</a>. Others either have approved fundraising plans on stand by or are in the process of putting out their own QIP. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-amazon-team-up-to-take-on-jio-microsoft-in-the-battle-for-indias-cloud-market/articleshow/77371744.cms">Airtel-Amazon team up to take on Jio-Microsoft in the battle for India’s cloud market</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-wants-25-30-of-its-employees-working-from-home-permanently-by-june-2021/articleshow/77346959.cms">INTERVIEW: Tech Mahindra wants 25-30% of its employees working from home permanently by June 2021 — CFO explains how they got to that number</a>

HDFC’s share price opened 1.5% higher after announcing ₹14,000 crore fundraising

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>’s share price is up by over 3% on Monday morning after the financial institution declared its results on Saturday, July 18. </li><li>The bank reported a 20% jump in profits as compared to the same quarter last year. </li><li>Analysts expect HDFC Bank to bear through the impact of the coronavirus pandemic with more capital coming in and an in-house replacement of HDFC Bank’s current managing director, Aditya Puri. </li></ul>HDFC Bank’s share price is up more than 3% after it announced its earnings over the weekend. The jump in share price also comes after shareholders have approved the bank to raise up to ₹50,000 crore through bonds to enhance capital base to fund its business growth. <div type="image" title="hdfc bank stock price q1fy21 (1)" msid="77061440" hostid="261" caption="&amp;lt;p&amp;gt;HDFC Bank&amp;#39;s stock price over the last three months&amp;lt;/p&amp;gt;"></div> The bank reported a 20% increase in profits on a yearly basis. However, provisions for bad loans and contingencies were up 49% as compared the same quarter last year bolstering for what may come when the Reserve Bank of India’s (RBI) moratorium comes to end in August. <div type="image" title="hdfc bank profit" msid="77061449" hostid="261" caption="&amp;lt;p&amp;gt;HDFC Bank&amp;#39;s profits over the last five quarters&amp;lt;/p&amp;gt;"></div> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total portfolio under moratorium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Customers who availed moratorium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">People who have cleared dues since first moratorium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">70% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">People who rolled from the first moratorium to the second </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">90% </td></tr></tbody></table>Source:Motilal Oswal Securities Analysts believe that adequate capital addition and the likelihood of an internal successor to the post of Managing Director (MD) are indicators that HDFC Bank has enough of a cushion to bear through however the coronavirus pandemic plays out. “Overall performance of the bank should remain steady and we expect the bank to offset near-term pressure on other income via tight control over opex,” said Motilal Oswal Securities’ review of the bank’s earnings. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tip </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Time frame </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,320 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,280 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,136 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td></tr></tbody></table> Banks, including HDFC Bank, are busy raising capital to cushion the impact of the coronavirus in the coming quarters. Shareholders of HDFC Bank have given their approval to raise up to ₹50,000 crore through bonds to enhance capital base to fund its business growth. The bank is also in the midst of appointing a successor for its managing director Aditya Puri. The three shortlisted names sent to the Reserve Bank of India include Sashidar Jagdishan, Kaizad Barucha and Sunil Garg. The former two are already executive directors at HDFC Bank Aditya Garg is the global chief executive officer (CEO) of Citi Commercial Bank. “CEO succession remains an important event in the near term and a key monitorable,” said Motilal Oswal Securities’ report. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-q1-earnings-bad-loans-and-moratorium/articleshow/77033494.cms">HDFC Bank is mum on the loans under moratorium⁠— profit jumps 20%, provision for bad loans spike 49%</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-earnings-expectation-from-q1fy21-results-on-july-18/articleshow/77013905.cms">HDFC Bank may see credit growth but its margins will continue to remain under pressure in Q1</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-loans-to-be-cheaper-as-interest-rates-get-slashed-by-0-2/articleshow/76830880.cms">HDFC Bank loans to be cheaper as interest rates get slashed by 0.2%</a>

HDFC Bank is beefing up capital and provision to cushion a spike in bad loans post moratorium — and that’s helping its share price

Reserve Bank has accorded approval to HDFC Mutual Fund to raise its stakes in Federal Bank as well as in Equitas Small Finance Bank to up to 9.5 per cent. The clearance has been granted with reference to the application made by <keyword id="174045" type="General" weightage="20" keywordseo="hdfc-amc" source="Orion">HDFC AMC</keyword> to RBI, according to a regulatory filing on Thursday. "...the Reserve Bank of India (RBI) vide its letter dated September 20, 2023, has accorded its approval to HDFC Asset Management Company Ltd (HDFC AMC) for acquiring aggregate holding of up to 9.5 per cent of the paid-up share capital or voting rights of Federal Bank," the bank said in the filing. In a separate filing, Equitas Small Finance Bank said HDFC AMC got RBI's approval on September 20 to raise 'aggregate holding' of up to 9.5 per cent of the paid-up equity capital or voting rights in the small finance bank. HDFC AMC holds a 4.49 per cent stake in Kerala-based Federal Bank, and a 4.68 per cent stake in Equitas Small Finance Bank as of June 30, 2023. The approval granted by the <keyword id="6358156" type="General" weightage="20" keywordseo="central-bank" source="Orion">central bank</keyword> is subject to compliance with the relevant provisions of the <keyword id="6354778" type="General" weightage="20" keywordseo="banking" source="Orion">Banking</keyword> Regulation Act, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time), provisions of the Foreign Exchange Management Act, 1999, regulations issued by Securities and Exchange Board of India (Sebi), and any other guidelines, regulations and statutes as applicable, the filing said. As per the RBI intimation, it said HDFC AMC must ensure that the aggregate holding in the bank does not exceed 9.5 per cent of the paid-up share capital or voting rights of the bank at all times. Further, it said, if the aggregate holding falls below 5 per cent, prior approval of RBI will be required to increase it to 5 per cent or more of the paid-up share capital or voting rights of the bank.

HDFC MF gets Reserve Bank nod for raising stake in Federal Bank, Equitas SFB to 9.5%

<ul><li>Mortgage lender <keyword id="45123" type="PERSON" weightage="20" keywordseo="HDFC">HDFC</keyword> on Saturday said it has acquired 6.43% stake in debt-trapped <keyword id="6360090" type="DOMAIN" weightage="20" keywordseo="reliance-capital">Reliance Capital</keyword> by invoking pledged shares. </li><li>The company acquired 25.27 crore shares of ₹10 each, it said, adding that the total value of these shares are ₹252 crore.</li></ul>Mortgage lender HDFC on Saturday said it has acquired 6.43% stake in debt-trapped <keyword id="10926" type="COMPANY" weightage="20" keywordseo="Reliance">Reliance</keyword> Capital by invoking pledged <keyword id="9119775" type="PERSON" weightage="20" keywordseo="shares-these">shares.These</keyword> shares were acquired pursuant to invocation of pledge by security trustee on behalf of the <keyword id="6356315" type="COMPANY" weightage="20" keywordseo="corporation">corporation</keyword>, which was pledged against a loan given by the lender in its normal course of business, HDFC Ltd said in a regulatory filing. Following this, the company acquired 25.27 crore shares of ₹10 each, it said, adding that the total value of these shares are ₹252 crore. It further said the requisite disclosure had already been made on March 27, and since the shares have now been credited to the account of the Corporation, the disclosure was being made once again. In early January,<a target="_blank" href="https://www.cnbctv18.com/finance/hdfc-now-owns-643-stake-in-reliance-capital-after-invoking-pledge-on-shares-5774121.htm" class="_e75a791d-denali-editor-page-rtfLink"> Reliance Capital informed stock exchanges that</a> it had defaulted on term loans of Axis Bank and HDFC. It borrowed around ₹523.98 crore from HDFC and ₹100.63 crore from Axis Bank. <div type="Article" hostid="261" msid="75371190" title="Coronavirus cases in India count crosses the 24,000 mark— with 5,062 recovered as of April 25" mstype="2" mssubtype="0"></div>

HDFC pulls in Reliance Capital's pledges to acquire 6.43% stake in the company

New Delhi, Jun 17 () Standard Life Investments Ltd, one of the promoters of HDFC Asset Management Company, will offload 2.82 per cent stake in the fund house through the offer-for-sale mechanism. The stake sale will be conducted on the BSE and NSE on January 17 for no-retail investors and January 18 for retail investors. In a regulatory filing to stock exchanges, Standard Life has proposed to sell up to 60 lakh equity shares, representing 2.82 per cent of the total issued and paid-up equity share capital of HDFC AMC through offer-for-sale mechanism. Besides, there will be an option to additionally sell up to 60 lakh equity shares of the fund house in case the oversubscription option is exercised. The floor price for the sale has been set at Rs 2,362 per equity share. At this price, the promoter will fetch Rs 1,417.2 crore. Shares of HDFC AMC ended at Rs 2,537.65 apiece on Tuesday, down 2.48 per cent. The share-sale is being undertaken by the promoter for achieving the minimum public shareholding in the company as prescribed under markets regulator Sebi's norms. HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments. Standard Life had sold 47.5 lakh equity shares, representing 2.23 per cent stake, of HDFC AMC through offer-for-sale in December last year. As of March this year, Standard Life held 26.89 per cent stake in the mutual fund house, while HDFC owned 52.72 per cent. In July 2018, HDFC AMC had hit the capital markets to raise an estimated Rs 2,800 crore through initial public offering. SP ANU ANU

Standard Life to sell 2.82 pc stake in HDFC AMC via OFS

New Delhi, Dec 3 () Standard Life Investments Ltd, one of the promoters of HDFC Asset Management Company, will offload 2.23 per cent stake in the fund house on December 4-5.
 In a regulatory filing to stock exchanges, Standard Life has proposed to sell up to 47.5 lakh equity shares, representing 2.23 per cent of the total issued and paid-up equity share capital of HDFC AMC through offer-for-sale mechanism.
 Besides, there will be an option to additionally sell up to 38.5 lakh equity shares, amounting to 1 .81 per cent stake of the fund house.
 The stake-sale will be conducted on the BSE and NSE on December 4 for institutional investors and December 5 for retail investors. 
The floor price for the sale has been set at Rs 3,170 per equity share. At this price, the promoter will fetch Rs 1,505.75 crore.
 Shares of HDFC AMC ended at Rs 3,441.45 apiece on the BSE, up 1.34 per cent from the previous close.
 The share-sale is being undertaken by the promoter for achieving the minimum public shareholding in the company as prescribed under markets regulator Sebi's norm.
HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments.
As of September this year, Standard Life held 29.94 per cent stake in the mutual fund house, while HDFC owned 52.76 per cent. 
DSP Merrill Lynch is the broker for Standard Life.
In July 2018, HDFC AMC had hit the capital markets to raise an estimated Rs 2,800 crore through its initial public offering. SP MR
MR

Standard Life to sell 2.23% stake in HDFC AMC via OFS mechanism

New Delhi, Jun 20 () HDFC Bank on Saturday said its board has approved proposal to raise up to Rs 50,000 crore in the next twelve months by issuing various debt securities. The decision was taken at the board of directors meeting held on June 20, 2020, HDFC Bank said in a regulatory filing. "The Board of Directors has approved the issue of perpetual debt instruments (part of additional tier I capital), tier II capital bonds and long term bonds (financing of infrastructure and affordable housing) up to a total amount of Rs 50,000 crore," HDFC Bank said. The largest bank in the private sector said that it will raise the capital through in the period of next twelve months through private placement mode, subject to the approval of the shareholders at the ensuing annual general meeting (AGM) and any other regulatory approvals. The bank's 26th AGM will be held on July 18, 2020 through video-conferencing /other audio-visual means, it said. KPM BAL BAL

HDFC Bank board approves plan to raise Rs 50,000 cr via debt securities

New Delhi, Mar 16 () Mortgage lender HDFC will pick up 7.97 per cent stake in Yes Bank for a Rs 1,000 crore capital infusion in the cash-strapped lender.On March 14, Yes Bank allotted 100 crore shares of face value of Rs 2 each to the Corporation aggregating to 7.97 per cent of the post issue equity share capital of Yes bank, HDFC said in a regulatory filing on Monday.The allotment of shares comes "after giving effect to the allotment of shares to State Bank of India, the Corporation, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, Bandhan Bank and IDFC First Bank ," it said.On Friday, HDFC said it is investing in 100 crore equity shares of Rs 2 each in Yes Bank for a consideration of Rs 10 per share (including Rs 8 premium) for an aggregate consideration of Rs 1,000 crore.As per the scheme of reconstruction of Yes Bank, 75 per cent of the total investment by the Corporation would be locked in for 3 years, HDFC had said.SBI has invested Rs 6,050 crore in crisis-ridden Yes Bank.ICICI Bank, Housing Development Finance Corporation (HDFC), Axis Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank and IDFC First Bank have also joined the SBI-led consortium and invested in Yes Bank.Axis Bank will invest Rs 600 crore by buying 60 crore shares and Kotak Mahindra Bank will infuse Rs 500 crore after purchasing 50 crore shares. KPM KPM ANUANU

HDFC to hold 7.97 pc stake in Yes Bank for Rs 1,000 cr infusion

New Delhi, Jul 2 () Housing finance major HDFC Ltd plans to raise up to Rs 1.25 lakh crore in a year by issuing debt securities through various modes, according to its annual report for 2019-20. The Housing Development Finance Corporation (HDFC) Limited will convene its annual general meeting (AGM) on July 30 and will seek shareholders approval for the capital raise plan. The corporation on the AGM day will transact as special business "to consider, and if thought fit, to pass ... a special resolution for issuance of redeemable Non-Convertible Debentures (NCDs) and/or other hybrid instruments on private placement basis", the annual report for fiscal ended March 2020 said. HDFC said it will seek consent of the members (shareholders) of the Corporation "to issue redeemable NCDs secured or unsecured and/or any other hybrid instruments (not in the nature of equity shares) which may or may not be classified as being Tier II capital under the provisions of the Housing Finance Companies (NHB) Directions, 2010, for cash either at par or premium or at a discount to the face value, for an aggregate amount not exceeding Rs 1,25,000 crore under one or more shelf disclosure document(s)". The debt securities, it said, may be issued by the Corporation and in one or more series, during a period of one year commencing from the date of this Annual General Meeting, on a private placement basis and on such terms and conditions as the Board may deem fit and appropriate for each series. The borrowings including by way of issue of NCDs and/or any other hybrid instruments will be within the overall limit of borrowing as approved by the members of the Corporation, from time to time, it added. As an special business, HDFC said it will also seek shareholders approval for re-appointment of Renu Sud Karnad as the Managing Director of the Corporation. "The re-appointment of Renu Sud Karnad as the Managing Director of the Corporation shall be with effect from January 1, 2020 till September 2, 2022." During the term, Karnad, 67, shall continue to be a member of the Board and shall be liable to retire by rotation, it added. Further, it said the HDFC Board has also designated Karnad in her capacity as the Managing Director as a key managerial person of the Corporation. "Salary payable to Karnad shall be in the range of Rs 15,00,000 to Rs 27,00,000 per month (which was approved by the Members of the Corporation at the AGM held on July 26, 2017), " HDFC added. She was re-appointed as the MD of the company for a period of five years with effect from January 1, 2015. Of the other key business to be transacted in the ensuing AGM, the Corporation will seek approval from shareholders for sale of shares in subsidiary firms HDFC Life Insurance Company and HDFC ERGO General Insurance Company Ltd. HDFC shares closed at Rs 1,889.30 apiece on BSE, up 2.95 per cent from previous close. KPM MR

HDFC plans to raise up to Rs 1.25 lakh cr in 1 year

New Delhi, Jun 3 () Gold prices were trading at Rs 47,884 per 10 gram in the national capital on Wednesday, according to HDFC Securities. Exact rates for Tuesday's trade were not immediately available, HDFC Securities said. After a long gap, spot gold markets in the national capital reopened on Monday. The spot gold markets remained closed in the wake of the nationwide lockdown imposed since March 25 to curb spreading of COVID-19 infections. Lockdown restrictions have now been eased. Silver was trading at Rs 51,462 per kg in the Delhi market. "The retail jewelry stores are opening gradually in India with ease in lockdown. However, the jewellers are witnessing very less footfalls," HDFC Securities Senior Analyst (Commodities) Tapan Patel said. In the international market, the precious metal was quoting down at USD 1,718.4 per ounce and silver at USD 17.80 per ounce. He added that gold prices traded lower on increased investors' confidence on reopening of the economies. The positive equity indices pressured gold prices to trade down on positive optimism of global economic recovery. SUM SHW SHW

Gold trades at Rs 47,884 per 10 gram in national capital: HDFC Securities

The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) has approved <keyword id="19895995" type="General" weightage="20" keywordseo="hdfc-bank" source="keywords">HDFC Bank</keyword>'s proposal to acquire an up to 9.5% stake in <keyword id="19901053" type="General" weightage="100" keywordseo="indusind-bank" source="keywords">IndusInd Bank</keyword>. "Pursuant to Regulation 30 of the <keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword> Listing Regulations, we would like to inform you that the Reserve Bank of India vide its letter dated February 5, 2024 has accorded its approval to HDFC Bank Limited ("applicant") for acquiring "aggregate holding" of up to 9.50% of the paid-up share capital or voting rights in IndusInd Bank Limited. The aforesaid RBI approval has been granted with reference to the application made by the applicant to the RBI," IndusInd Bank said in a stock exchange filing. The approval also stipulates that if the "aggregate holding" of HDFC Bank falls below 5%, prior approval of the RBI will be required to increase it to 5% or more of the paid-up share capital or voting rights. The RBI approval is subject to compliance with the <keyword id="19976511" type="General" weightage="20" keywordseo="banking-regulation-act" source="keywords">Banking Regulation Act</keyword>, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended), provisions of the Foreign Exchange Management Act, 1999, regulations by the Securities and Exchange Board of India (SEBI), and other applicable statutes, regulations, and guidelines, the filing noted. --IANS sps/dpb

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HDFC’s share price opened 1.5% higher after announcing ₹14,000 crore fundraising

Prabhjote Gill