HDFC Bank spurts up

HDFC Bank is up in the green today, up over 1% at Rs.1078.75, with an intra day high at Rs.1092 and low of Rs.1070.25.

The stock is up since the Bank initiated the process of raising Rs.10,000 crore from domestic qualified institutional investors and FIIs after getting a FIPB approval for the raising this money. This money is being raised to meet global banking rules and build a portfolio when growth kicks off. The stock which is listed in New York too, has filed with the US SEC to sell 22 million American Depository Receipts (ADRs). Currently traded at US$57.3/share, this sale will bring in an estimated $1.3 billion.