New Delhi [India], June 13 (ANI): The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the proposal for grant of permission to HDFC Bank limited to raise additional share capital of up to a maximum of Rs. 24,000 crore.

The proposal also includes premium, over and above the previous approved limit of Rs. 10,000 crore, such that the composite foreign shareholding in the Bank shall not exceed 74 percent of the enhanced paid-up equity share capital of the bank.

The decision would ensure that the composite foreign shareholding in the bank inclusive of all types of foreign investments, both direct and indirect, will not exceed 74 percent of the enhanced paid-up equity share capital of the bank.

It will be subject to Foreign Direct Investment (FDI) Policy conditionalities and other sectoral regulations / guidelines.

The proposed investment is expected to strengthen the capital adequacy ratio of the bank. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)