HDFC to raise upto Rs 13k cr via QIP, pref­er­ence shares

The Hitavada - - BUSINESS - NEW DELHI, Jan 13 (PTI)

HDFC Ltd on Satur­day said its board had ap­proved rais­ing upto Rs 13,000 crore pri­mar­ily to main­tain its hold­ing in its bank­ing arm and en­ter seg­ments like stressed as­sets and health in­sur­ance. This will be the first eq­uity rais­ing by the coun­try’s largest pure-play mort­gage lender in over a decade. “The Com­mit­tee of Direc­tors of the Cor­po­ra­tion at its meet­ing held to­day ap­proved the is­sue of eq­uity shares up to an ag­gre­gate amount not ex­ceed­ing Rs 13,000 crore through a com­bi­na­tion of a Pref­er­en­tial Al­lot­ment and Qual­i­fied In­sti­tu­tions Place­ment, sub­ject to share­hold­ers' ap­proval through postal bal­lot,” HDFC said in a state­ment. The board ap­proved is­suance 6.43 crore shares of face value of Rs 2 each on a pref­er­en­tial ba­sis at a price of Rs 1,726.05 per share, ag­gre­gat­ing to Rs 11,103.66 crore to var­i­ous in­vestors in­clud­ing Azim Premji Trust. A to­tal of 3.01 crore shares will be is­sued to an af­fil­i­ate of GIC Waverly Pte, 1 crore shares to the ad­min­is­tra­tor of the pen­sion plan for On­tario’s mu­nic­i­pal em­ploy­ees (OMERS) of Canada and about 92 lakh shares to KKR firm Sil­verview In­vest­ment Pte, it said.

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