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| HDFC to raise Rs 4,000 cr via QIP |
| Press Trust of India / Mumbai Jul 22, 2009, 19:34 IST |
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Mortgage lender HDFC plans to raise up to Rs 4,000 crore this fiscal through qualified institutional placement (QIP) route.
"HDFC is in the process of undertaking a qualified institutions placement (QIP) offering of warrants simultaneously with secured redeemable non-convertible debentures to qualified institutional buyers," HDFC Chairman Deepak Parekh told shareholders at the company's annual general meeting here today.
The secured redeemable non-convertible debentures will not exceed Rs 4,000 crore, he said.
HDFC Managing Director Keki Mistry said that the home loans lender is awaiting FIPB approval for the QIP
"We are awaiting FIPB approval for the QIP. We expect to get it in the next 2-3 weeks," Mistry said.
HDFC would deploy the funds raised in its various subsidiaries, including life insurance, for their business growth, he said.
"During this fiscal, we will be infusing a capital of Rs 300-350 crore in HDFC Standard Life Insurance Company," Mistry said.
There are also plans list its life insurance company in 2010-11, he said.
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