HDFC crawls up on fund raising plan

HDFC rose 0.79% to Rs 1,652 at 14:10 IST on BSE after the company announced the issuance of senior, secured, redeemable non convertible debentures on private placement basis on 20 June 2017.

The announcement was made during market hours today, 19 June 2017.

Meanwhile, the S&P BSE Sensex was up 231.58 points or 0.75% at 31,287.98.

On the BSE, 34,263 shares were traded on the counter so far as against the average daily volumes of 3 lakh shares in the past one quarter. The stock had hit a high of Rs 1,659 and a low of Rs 1,645.60 so far during the day. The stock had hit a 52-week high of Rs 1,680.50 on 13 June 2017. The stock had hit a 52-week low of Rs 1,183 on 16 June 2016.

The stock had outperformed the market over the past one month till 16 June 2017, gaining 4.62% compared with 1.55% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 13.06% as against Sensex's 4.97% gains. The scrip had also outperformed the market in past one year, jumping 36.44% as against Sensex's 17.08% gains.

The large-cap company has equity capital of Rs 318.06 crore. Face value per share is Rs 2.

HDFC said the issue size of debentures is Rs 720 crore with tenor of 5 years. The debentures carry coupon rate of 7.43% per annum and face value of Rs 1 crore each.

The object of the issue would be to utilize the funds for financing/refinancing the housing finance business requirements of the company.

On a consolidated basis, HDFC's net profit fell 11% to Rs 3079.33 crore on 5.3% growth in total income to Rs 18040.59 crore in Q4 March 2017 over Q4 March 2016.

HDFC is India's first retail housing finance company and is currently one of the largest originators of housing loans in the country.

Powered by Capital Market - Live News