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India's HDFC Bank to raise up to 240B rupees

HDFC Bank Ltd. obtained approval from the Indian government to raise equity capital of up to 240 billion Indian rupees in foreign direct investment to finance its business growth, the Press Trust of India reported June 13.

The investment, which stands at 72.62%, is expected to hit the regulatory ceiling of 74%, said Finance Minister Piyush Goyal.

The proposed FDI would strengthen the bank's capital adequacy ratio, Goyal added.

About 85 billion rupees from the total capital to be raised will be allotted to HDFC Ltd., the promoter of the bank, on a preferential basis, the publication noted.

As of June 13, US$1 was equivalent to 67.52 Indian rupees.