HDFC Bank Ltd, an Indian private lender, announced on Tuesday that it is planning to raise 500 billion rupees (approx. $6 billion) in debt over the next year.
The bank will address the fund raise at its board meeting on Saturday, when it is also expected to publish its earnings report for the first quarter of the year.
The debt will be raised through perpetual debt instruments, such as AT-1 bonds, Tier-II capital bonds, and long-term bonds, according to a filing with the stock exchange.
The proposed fundraising is taking place in advance of HDFC Bank’s merger with Housing Development Finance Corp Ltd (HDFC.NS), which is estimated to be finished by the end of June.