April 8, 2019 / 7:55 AM / 3 months ago

India's HDFC Bank plans to raise $7.19 billion via debt issue

A customer walks outside an HDFC Bank branch in Mumbai July 17, 2013. REUTERS/Danish Siddiqui/Files

(Reuters) - HDFC Bank Ltd said on Monday it plans to raise up to 500 billion rupees ($7.19 billion) by issuing debt over the next 12 months.

The bank proposes to issue perpetual debt instruments, tier II capital bonds and long-term bonds, India’s largest lender by market capitalisation said in a statement.

The bank’s board will consider the plan when it meets on April 20 to release its quarterly results.

($1 = 69.5130 Indian rupees)

Reporting by Chris Thomas in Bengaluru; Editing by Shreejay Sinha

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