Shares of HDFC Bank rose by 1 percent in early trade on Friday, following the private lender's completion of a $1.75 billion senior unsecured bond issue executed through its GIFT City branch.
Trading on the National Stock Exchange (NSE) at 10:09 am, the stock moved to ₹729.35 after reaching an intraday high of ₹732.60. It had closed the previous session at ₹725.05. According to NSE data, the stock operates within an upper band of ₹797.55 and a lower band of ₹652.55. The bank's shares recently touched a 52-week low of ₹715.10 on August 19.
Market activity at the time of reporting showed a traded volume of 99.71 lakh shares, with a corresponding traded value of ₹728.20 crore. HDFC Bank recorded a total market capitalisation of ₹11.24 lakh crore and a free-float market capitalisation of ₹11.15 lakh crore. Order book metrics indicated a buy quantity of 10,47,470 against a sell quantity of 18,39,033, while the adjusted price-to-earnings (P/E) ratio stood at 13.94.
Prior to the completion, the private lender had planned to raise up to $1.75 billion via fixed-rate senior notes. Moody's Investors Service Singapore had assigned a Baa3 rating with a Stable Outlook to the proposed issuance.
In a separate regulatory development disclosed on August 19, the Reserve Bank of India (RBI) approved an application by the Life Insurance Corporation of India (LIC) to acquire up to 9.99 percent of the bank's paid-up share capital or voting rights.
"The successful completion of a $1.75 billion bond sale through the GIFT City branch demonstrates HDFC Bank's strong access to international debt capital markets. Combined with the RBI's approval for LIC to acquire up to 9.99 percent stake, these developments highlight key institutional confidence and capital-raising capabilities for major private lenders in India navigating current market conditions." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
