Private sector lender HDFC Bank proposes to raise about Rs10,000 crore from share sale to fund its growth. The bank's board at its meeting on May 19 decided to seek an enabling approval of the shareholders to raise the equity share capital of the bank by up to an aggregate sum of Rs 10,000 crore including share premium amount, HDFC Bank said in a BSE filing.
The proposed issue is to be made by creating, issuing, offering in the course of one or more public or private offerings in domestic or one or more international markets, the bank said.
Besides, it can be raised through equity shares through depository receipts and/or any instrument or securities representing equity shares and/or convertible securities linked to equity shares, the filing added.
The existing market capitalisation of bank is about Rs1.96 lakh crore.The paid up capital of the bank was Rs479.81 crore at the end of March 2014."The issue of capital is subject to the applicable laws, SEBI regulations and approvals of Reserve Bank of India and other regulatory authorities," it said.
The issue is proposed to be completed within a period of one year from the date of shareholders approval, it added.
Recently, HDFC Bank posted a 23.1 per cent increase in net profit to Rs2,326.52 crore in the January-March quarter of 2013-14.
The country's second-largest private lender had a profit of Rs 1,889.84 crore in the corresponding quarter last year.
Total income rose 14.9 per cent to Rs12,790 crore from Rs11,127.5 crore a year earlier.
The board recommended a dividend of Rs6.85 per equity share of Rs 2 for the year ended March 31 as against Rs 5.5 per share for the previous year.
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When asked in how much time the company hopes to achieve break-even in this new business, Singh responded, "We are expecting to achieve cash break even in the next three years while book break-even might taken one more year."
Placed inside Jaypee Township, the Noida hospital offers a wide range of services for all segments of the society. "We are competitively place to the market around us and aim to provide quality services at an affordable price," Singh replied whether the hospital be affordable to the common public.
Technology is another area where the company has heavily invested. Singh claims that the money spent on technology per bed for the group is the highest in the country, when pitted against rivals. Be it automated operation theaters or on floor pharmacy just for the intensive care units, there are numerous minor details, the company has done in their upcoming hospital chain.
g imagi0IJ p0IJ6IJIJ8Central Bureau of Investigation and the Central Vigilance Commission! (I won't add the amusing side actor, Anti-Corruption Bureau of the Delhi Government - who is trying to become the super power for all action conducted in the geography of Delhi!)
Together, theC&AG, the CBI and the CVC have been running a parallel government, without ever having to contest an election against mounting aspirations of 1.2 billion people.
It isn't my case that checks and balances inherent via the 'Three Big Cs' deserve to be torn down.
But can the incoming PM show them the mirror of a failed tryst with the economyIJ
Or will he begin in all earnestness and then C&AG et al kick inIJ
(The columnist works at the intersect of media, regulation and strategy on RIl. The views are personal. Tweets @therohitbansal).
re higIJ[waIJCIJW8tations are that the incoming government, with its strong mandate, will quickly start to address some of the factors inhibiting stronger economic growth.
However, he added there would not be any speedy economic recovery as there are many structural issues to be resolved.
Asked about the wishlist for the new government, the Vodafone India head said spectrum availability at reasonable rates is top priority, followed by rationalisation of taxes and duties.
Getting more spectrum available at reasonable prices - that is priority number one. Second thing is that the industry is charged and levied too much -- about 28 to 29 per cent of our gross revenue
goes straight to the government in the form of taxes, licence fees, SUC, import duties etc -- which is really high compared to other countries," he said.
Vodafone Group's revenue declined 1.9 per cent to GBP 43.6 billion in FY14.
Group profit jumped multi-fold to GBP 59.42 billion after including a GBP 45 billion from the sale of Vodafone's US group, which held a 45 per cent stake in Verizon Wireless.