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