HDFC Bank, United Bank Plan to Tap Mar­ket to Raise Funds

The Economic Times - - Markets & Finance -

Pri­vately held HDFC Bank and state-owned United Bank of In­dia are plan­ning to tap the eq­uity mar­ket. HDFC Bank, the coun­try's sec­ond largest pri­vate sec­tor bank, plans to raise .` 10,000 crore af­ter the For­eign In­vest­ment Pro­mo­tion Board quashed its pro­posal to in­crease for­eign port­fo­lio in­vest­ment limit. Kolkata-based United Bank, which is bat­tling a ris­ing pile of bad loans, will have a board meet­ing on June 18 to take ap­proval for rais­ing about .` 1,300 crore by sell­ing shares to ramp up its cap­i­tal base.—Our Bureau

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