NEW DELHI: Shares of HDFC Bank surged as much as 2.7 per cent to a record high of Rs 1,888 on Friday on reports that the bank might consider a fund-raising proposal by selling shares through QIP (qualified institutional placement) or ADRs (American Depository Receipts), among others.

India's largest private sector lender by assets is also considering a preferential issue to parent Housing Development Finance Ltd, according to a report in Reuters.

The stock is among the top percentage gainers on broader NSE index, and accounts for almost a quarter of the index’s gains.

Brokerage Jefferies has maintained “buy” rating on the stock with a price target of Rs 2,165.