HDFC Bank at new high

HDFC Bank hit a new 52-week high today at Rs.2219.05, a rise of almost 2%.

The stock price surged as the market is happy with its move to raise funds from its parent company, HDFC.

HDFC Bank raised Rs.8500 crore by issuing 3.9 crore shares on preferential basis to HDFC. These were issued at a price of Rs 2,174.09/equity share.

In December, the Board of HDFC Bank had approved raising Rs.24,000 crore and this Rs.8500 crore is a part of the same. The balance Rs.15,500 crore is to be raised through issuance of equity shares or convertible securities or depository receipts to a qualified institutions placement or through ADR/GDR.