Home / Business and Economy / HDFC Bank Upgraded, IDFC First Raises $350M to Fuel Growth
HDFC Bank Upgraded, IDFC First Raises $350M to Fuel Growth
20 Aug
Summary
- HDFC Bank's credit rating upgraded by S&P Global
- IDFC First Bank raises $350M through preference share issue
- Tata Motors subsidiary files tender offer for Iveco Group
In the latest developments in India's corporate landscape, HDFC Bank has received a credit rating upgrade from S&P Global, moving from BBB-/Positive/A-3 to BBB/Stable/A-2. This positive rating change reflects the bank's strong market position and resilient performance.
Elsewhere, IDFC First Bank's board has approved the preferential allotment of over $350 million worth of compulsorily convertible cumulative preference shares to an investor. This capital infusion will support the bank's growth and expansion plans.
Additionally, Tata Motors' wholly-owned subsidiary, TML CV Holdings, has filed an offer document with the Italian securities regulator to launch a voluntary public tender offer for all common shares of Iveco Group N.V. This move signals Tata Motors' ambitions to strengthen its global footprint in the commercial vehicles segment.
These announcements underscore the dynamic nature of India's banking and automotive industries, with companies navigating regulatory changes, raising funds, and pursuing strategic initiatives to drive their businesses forward.
