HDFC seeks shareholders' nod for Rs 85,000-cr fundraising

Funds to be raised through various debt instruments; AGM is scheduled to be held on July 26

Mortgage lender Housing Development Finance Corporation (HDFC) will seek shareholders' approval at the annual general meeting (AGM) next month to raise up to Rs 85,000 crore through various debt instruments.

HDFC AGM is scheduled to be held on July 26, 2017.

"The approval of the members is being sought by way of special resolution...Authorising the board to issue NCDs and/or any other hybrid instruments (not in nature of equity shares) which can be classified as being tier II capital up to an aggregate amount not exceeding Rs 85,000 crore," it said in a regulatory filing.

The fund is to be raised by issuing redeemable non-convertible debentures or other hybrid instruments on a private placement basis for cash either at par or premium or at a discount to face value depending upon the prevailing market conditions, it said.

The capital may be raised in one or more series during a period of one year commencing from the date of the AGM (July 26, 2017) on a private placement basis, HDFC said.

Shares of the Corporation closed 0.23 per cent down at Rs 1,650.85 on BSE on June 23. The market is closed today on the occasion of Eid-ul-Fitr.