HDFC m-cap crosses Rs 3 trn for first time on Rs 130-bn fundraising plan

Shares of HDFC Ltd on Monday settled with gains of over 6 per cent, catapulting the company's market capitalisation by more than Rs 173.65 billion.

The mortgage lender touched a fresh record high of Rs 1,878 on the BSE, up 6.7% from its previous close with a market cap of Rs 3.01 trillion.

During the day, shares of HDFC surged over 7.08 per cent to its 52-week high level of Rs 1,886 after the company said it plans to raise up to Rs 130 billion via QIP and preference shares.

At the end of today's trading session, the stock was quoted at Rs 1,869.95, up 6.17 per cent on BSE.

Following the uptick in the stock, the market capitalisation of the company improved by Rs 173.65 billion to Rs 2.98 trillion.

On NSE, the stock jumped to a 52-week high of Rs 1,886.80, up 7.10 per cent over the last close. It finally ended at Rs 1,863, higher by 5.80 per cent over its previous close.

This will be the first equity raising by the country's largest pure-play mortgage lender in over a decade.

The board approved issuance of 64.3 million shares of face value of Rs 2 each on a preferential basis at a price of Rs 1726.05 per share, aggregating to Rs 111.03 billion to various investors including Azim Premji Trust.

A total of 30.1 million shares will be issued to an affiliate of GIC Waverly Pte, 10 million shares to the administrator of the pension plan for Ontario's municipal employees (OMERS) of Canada and about 92 lakh shares to KKR firm Silverview Investment Pte, it said.

The board also approved issuance of such number of shares of face value of Rs 2 each through Qualified Institutional Placement (QIP) such that the total amount to be raised shall not exceed Rs 18.96 billion, subject to approval.