HDFC's board approves raising up to Rs 14,000 cr through various means

Mortgage lender HDFC on Friday said its board has approved to raise up to Rs 14,000 crore in tranches through various means.

“The committee of directors of the corporation (HDFC) at its meeting held today (Friday), approved seeking approval of members of the corporation through postal ballot for raising of funds not exceeding Rs 14,000 crore,” it said in a regulatory filing.

The funds will be raised through issuance of equity shares or compulsorily-convertible debentures, non-convertible debentures along with warrants, foreign currency convertible bonds, or any other security, it said.

HDFC said the fundraising plan can also be through any other security, whether secured or unsecured or listed or unlisted, or a combination thereof, either through qualified institutional placement and/or any other permissible modes, in one or more tranches.

“The said funds are being raised to augment the long-term resources of the corporation, to finance organic and/or inorganic business opportunities that may arise in financial services, including housing finance, and/or in areas where its subsidiaries operate, to maintain sufficient liquidity and for general corporate purposes of the corporation," it said.

HDFC’s shares on Friday closed at Rs 1,839.10 apiece on the BSE, down 0.87 per cent from its previous close.