CCEA OKs HDFC Bk's proposal to raise up to Rs 10k cr: Srcs

The Foreign Investment Promotion Board had cleared HDFC Bank's proposal in December and had cleared Lupin's FDI proposal in November.

The Cabinet Committee on Economic Affairs (CCEA) has okayed HDFC Bank 's proposal to raise up to Rs 10,000 crore, sources tell CNBC-TV18. The committee is also learnt to have given its nod to  Lupin 's proposal to increase FDI limit to 49 percent.

The Foreign Investment Promotion Board had cleared HDFC Bank's proposal in December and had cleared Lupin's FDI proposal in November.

Calling the move a positive one, Jignesh Shial, Research Analyst, IDBI Capital Markets, said the decision will come as further boost for the bank and ease its hurdle on the capital front.

"Overall we can say this was a hangover, this was probably a problem that the stock was facing and that is why it was consolidating for long and management was expecting it to get cleared. So, this will be a positive boost for the bank as such," he said.

HDFC Bank stock price

On January 28, 2015, HDFC Bank closed at Rs 1058.10, down Rs 15.9, or 1.48 percent. The 52-week high of the share was Rs 1093.00 and the 52-week low was Rs 618.00.

The company's trailing 12-month (TTM) EPS was at Rs 38.33 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 27.61. The latest book value of the company is Rs 179.87 per share. At current value, the price-to-book value of the company is 5.88.

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