"We hereby inform you that the bank had approved the issuing of debt instruments in the form of the notes, subject to market conditions," HDFC Bank said in a regulatory filing.
This is after the private lender firmed up plans for its brokerage house to create its own discount broking architecture to compete with new-age firms like Zerodha. The unlisted shares have doubled in the last 12 months — to Rs 14,000 apiece from Rs 7,200 a year ago.
Four top local lenders, including HDFC Bank and Kotak Mahindra Bank, and the Singapore-based DBS Bank have emerged as the top five contenders to take over Citi Indias estimated $2-billion retail business, highlighting the competitive intensity for a portfolio built around credit
“One cannot ignore the largest private bank. I would say Rs 1,450-1,430 has been a good entry point. If you have a slightly longer view, HDFC Bank will regain its mojo.”