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HDFC to raise $1.75 billion from investors including GIC, KKR

Reuters  |  MUMBAI 

(Reuters) - India's Housing Development Corp Ltd plans to raise about 111 billion rupees ($1.75 billion) from a preferential share sale to investors including affiliates of state investor and KKR &

A committee of directors of the on Saturday approved selling 64.3 million shares at 1726.05 rupees a piece to the investors, according to a stock exchange filing.

shares closed at 1760.95 rupees on Friday.

Separately, will also sell shares to institutional investors through a so-called Qualified Institutions Placement to raise up 18.96 billion rupees, it said.

HDFC's fund-raising is mainly aimed at investing in a preferential share issue by Bank, which will help the maintain its about 21 percent stake in the

Last month, the secured board approval to raise as much as 130 billion rupees. It said it may need capital for and acquisition of stressed assets in the

The preferential share sale announced on Saturday comprises 3.9 percent of the company's enhanced share capital after the issue, said.

A affiliate will buy about 30.1 million shares, while the of the pension plan for Canada's municipal employees is buying 10 million sharers. The KKR affiliate will buy about 9.3 million shares, said.

The other investors subscribing to the preferential sale are Carmignac Group of and India's Premji Invest.

($1 = 63.6000 Indian rupees)

(Reporting by Devidutta Tripathy and Suvashree Dey Choudhury; Editing by Shri Navaratnam)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, January 13 2018. 13:13 IST