HDFC Bank shares rise 1% after $1.75 billion record dollar bond sale

On Friday, HDFC Bank's shares increased by 1% during the initial trading session following the successful completion of a US$1.75 billion senior unsecured bond issue. The stock price initially traded at ₹729.35 on the National Stock Exchange (NSE) at 10:09 am, subsequently rising to ₹732.60 from the previous closing price of ₹725.05. The stock's upper limit is set at ₹797.55, while the lower limit is at ₹652.55, according to NSE data.

HDFC Bank's shares had previously reached a 52-week low of ₹715.10 on August 19. As of the time of reporting, the stock had a traded volume of 99.71 lakh shares and a traded value of ₹728.20 crore. The bank's total market capitalization was reported at ₹11.24 lakh crore, with a free-float market capitalization of ₹11.15 lakh crore. The buy and sell quantities were 10,47,470 and 18,39,033, respectively, resulting in an adjusted P/E ratio of 13.94.

HDFC Bank had planned to raise up to $1.75 billion through fixed-rate senior notes. Moody's Investors Service Singapore had assigned the proposed issuance a Baa3 rating with a Stable Outlook. Separately, the Reserve Bank of India (RBI) approved Life Insurance Corporation of India (LIC) for acquiring up to 9.99% of HDFC Bank's paid-up share capital or voting rights. This approval was based on a regulatory filing dated August 19.