HDFC Board has approved a plan to raise capital of up to INR 13,000 crore through private placement or via qualified institutional placement (QIP).
The company also infuse up to INR 8,500 crore in its subsidiary HDFC Bank — in which it holds 21.01% stake at present.
The fund raising could be in the form of pure equity, convertible debentures.
HDFC Bank proposes to raise further capital to fund its growth.
The company is evaluating opportunities in the health insurance business and could tie-up with HDFC Ergo.