HDFC to subscribe for 2.62 crore equity shares in HDFC Bank

Housing Development Finance Corporation Ltd (HDFC) has announced that the Corporation has subscribed to the preferential offer of 2,62,00,220 Warrants convertible into 2,62,00,220 equity shares of Rs. 10 each of HDFC Bank Ltd. (HDFC Bank) at a price of Rs. 1530.13 per equity share, in accordance with Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000.

In this connection, the Company has informed that, on November 30, 2009, the Corporation has exercised its right to convert the said 2,62,00,220 Warrants into 2,62,00,220 equity shares of Rs. 10 each of HDFC Bank and has remitted an amount of Rs. 3,608.06 crores being the balance 90% of the subscription amount, in respect thereof.

The stock was trading at Rs.2778, up by Rs.73.95 or 2.73%. The stock hit an intraday high of Rs.2795.25 and low of Rs.2735.10.

The total traded quantity was 40521 compared to 2 week average of 67140.

Source : Equity Bulls

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