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Rs 370 cr equity bonanza for employees as HDFC Bank issues shares under ESOP scheme

The bank registered 15 per cent rise in interest income to Rs 19,670 crore in the September quarter.

Edited by: India TV Business Desk, Mumbai [ Updated: October 26, 2017 14:08 IST ]
HDFC Bank registered a 15 per cent rise in interest income
HDFC Bank registered a 15 per cent rise in interest income to Rs 19,670 crore in the September quarter.

Close on the heels of HDFC Bank’s second-quarter results where the bank posted a 15 per cent rise in net profit in line with marlket estimates, the lender informed stock exchanges on Thursday that it has issued two million equity shares to its employees under its Employees Stock Options Schemes.

"We wish to inform you that the Bank has allotted today 20,56,400 equity shares to the employees of the Bank pursuant to exercise of options under its Employees Stock Options Schemes (ESOS)," the bank said.

The paid-up share capital of the bank will accordingly increase from Rs. 516,79,93,234 equity shares of Rs. 2 each to Rs.517,21,06,034 equity shares of Rs. 2 each, it said in the filing.

The issue of shares would translate into a Rs 370 crore bonanza for HDFC Bank employees going by its current share price. HDFC Bank shares opened at Rs. 1,784 and hit a high of Rs. 1,810 and a low of Rs. 1,685 on BSE on Thursday. At 1.50 PM, the scrip was trading at Rs. 1,800 on the BSE, 0.26 per cent higher than the previous session's closing. The scrip hit its 52-week high on October 24.

On NSE, the scrip traded in the range of Rs. 1,757 and Rs. 1,810.

HDFC Bank's second quarter results announced recently met the market's estimates. The bank registered 15 per cent rise in interest income to Rs19,670 crore in the September quarter.

A 9 per cent rise in interest expenses to Rs. 9,918.21 crore saw net interest income grow 22 per cent to Rs. 9,752 crore. Other income grew 24 per cent to Rs. 3,605.90 crore, resulting in a 23 per cent rise in net total income to Rs. 13,357.97 crore.

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