Shares of two HDFC
Group companies - Housing Development Finance Corporation (HDFC) and HDFC
Bank - have hit their respective new highs, gaining more than 1% each on the BSE.
Bank hit a record high of Rs 2,214, rising by 2%, and surpassing its previous high of Rs 2,190 while HDFC
was up 1.2% at Rs 2,014, surpassing its earlier high of Rs 2,000 on the BSE on Monday in intra-day trade.
(up 3% at Rs 334) and HDFC
Standard Life Insurance Company (2% at Rs 473) were other HDFC
Group companies, too trading higher by more than 1% on the BSE. On comparison, the S&P BSE Sensex was up 0.37% at 36,654 points at 10:09 am.
Bank on Tuesday after market hours said it has raised Rs 85 billion by issuing over 39 million shares on preferential basis to its parent HDFC.
"The share allotment committee of the bank at its meeting held today has allotted 39 million shares to Housing Development Finance Corporation at an issue price of Rs 2,174.09 per equity share aggregating to Rs 85 billion," HDFC
Bank said in a regulatory filing.
This is part of the bank's Rs 240 billion fundraising plan that was approved by the board of directors in December.
Asset Management Company (HDFC
AMC) has fixed a price band of Rs 1,095-1,100 per share for its initial public offering (IPO).
The three-day IPO
will open for subscription on July 25, parent HDFC
said in a statement on Tuesday.
“The board of directors of the Corporation had approved offering up to 8.59 million equity shares of Rs 5 each of HDFC
AMC representing 4.08% of its then existing issued and paid-up equity share capital, by way of an offer for sale in the proposed IPO
AMC”, it added. HDFC
AMC operates as a joint venture between HDFC
and Standard Life Investments.