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HDFC Bank to raise 240B rupees via share, securities sales

HDFC Bank Ltd. said it plans to raise 240 billion Indian rupees by issuing equity shares, convertible securities and depository receipts.

The bank expects to raise up to 85 billion rupees through the issuance of shares to Housing Development Finance Corp. Ltd. on preferential basis. The balance will be raised through the issuance of equity shares, convertible securities and depository receipts, the bank said.

As of Dec. 19, US$1 was equivalent to 64.05 Indian rupees.