Hdfc Needs Rs 7500 Crore Funds
Housing Development Finance Corporation (HDFC) has a requirement of Rs 7,500 crore funds in this fiscal for its operations. It is expecting its approvals and disbursals to go up by 25 to 30 per cent in this fiscal.
Of the Rs 7,500 crore, the housing finance major will receive Rs 3,000 crore by way of loan repayments while the balance will be raised from the market via bonds, HDFC chairman, Deepak Parekh told shareholders at the 24th annual general meeting here today.
To a shareholders query on HDFC's investments in the Unit Trust of India's mutual fund schemes, Parekh said, it stands at Rs 209 crore but the current market value of this investment is Rs 212 crore. He added that HDFC does not have any investment in US-64.
HDFC Standard Life is expected to make profits only after six years and the venture will require capital additions at regular intervals. The housing company was also in talks with a couple of global general insurance majors for its foray into non-life insurance.
"We will maintain our spreads at 2 per cent even if the interest rates come down," the HDFC chief said.
The company is expecting to sell 1,50,00,000 shares in the Raheja Group promoted Chalet Hotels Ltd at a handsome profit this fiscal. It had invested Rs 30 crore for picking up these shares. HDFC has booked a profit of Rs 20 crore by selling Lafarge shares.
Post-ADS, HDFC's holding in HDFC Bank, which will soon be raising $ 175 million through the issue, will stand at 25 per cent. Foreign institutional investors holding in HDFC stands at 42 per cent.
HDFC is looking at financing housing complexes in the special economic zones, Parekh said.