HDFC To Seek Shareholders’ Nod To Raise Rs 85,000 Crore

HDFC, a major provider of finance for housing in India, will seek shareholder’s approval to raise RS 85,000 crore through various debt instruments.

The mortgage lender will seek its shareholder’s nod at the Annual General Meeting which is scheduled on July 26, 2017.

The fund is to be raised by issuing redeemable non-convertible debentures or other hybrid instruments on a private placement basis for cash either at par or premium or at a discount to face value depending upon the prevailing market conditions.

The stock of the company on the NSE is trading Rs 1,664 per share at Rs 12.65 per share or 0.7% at 1025 hours. The stock has delivered 36% returns in a period of one year and has outperformed the BSE Sensex and Nifty Financial Services over the same time span.

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