The Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Narendra Modi, gave its approval to the proposal of HDFC Bank for maintaining the permissible foreign holding in the bank up to 74% of the total paid up capital and issuance of equity shares aggregating to an amount of Rs 100 billion to NRIs/FIIs/FPIs subject to aggregate foreign shareholding not exceeding 74% of the post issue paid up capital.

The approval would result in foreign investment of Rs 100 billion (approximately) in the country.

Shares of the HDFC Bank  gained Rs 13.90, or 1.3%, to trade at Rs 1,072 at the BSE (9.30 a.m., Thursday).