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09-02-2024 11:08 AM | Source: Accord Fintech
HDFC Bank gains on raising $300 million through maiden sustainable finance bond issue

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HDFC Bank is currently trading at Rs. 1405.70, up by 2.05 points or 0.15% from its previous closing of Rs. 1403.65 on the BSE.

The scrip opened at Rs. 1395.95 and has touched a high and low of Rs. 1414.00 and Rs. 1387.25 respectively. So far 591328 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1757.80 on 03-Jul-2023 and a 52 week low of Rs. 1382.40 on 24-Jan-2024.

Last one week high and low of the scrip stood at Rs. 1458.80 and Rs. 1387.25 respectively. The current market cap of the company is Rs. 1068201.31 crore.

The Institutions holding in the bank stood at 83.02%, while Non-Institutions held 16.97% in the bank.  

HDFC Bank has raised $300 million through its first ever sustainable finance bond issue. This is part of an overall raise of $750 million through Regulation S Bonds. While $300 million has been raised for a tenure of three years with a 95 basis points spread over US Treasury, another $450 million has been raised for a tenure of 5 years, with a spread of 108 basis points over US Treasury. These are the tightest credit spreads achieved by an Indian issuer for a three-year sustainable bond and five-year senior unsecured bond for a similar size of USD Reg S issuance.

The proceeds of the sustainable finance bond will be utilised for funding green and social loans in accordance with the sustainable finance while the rest of the proceeds will go towards financing general banking activities. 

HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.