HUDCO board OKs to raise Rs 40,000 cr

Housing & Urban Development Corporation (HUDCO) said that its board has approved to raise Rs 40,000 crore through issuance of bonds/debentures during financial year 2024-2025.

Meanwhile, the board has also approved to increase overall borrowing limit to Rs 1,50,000 crore from existing limit of Rs 1,00,000 crore.

Further, the board declared dividend of Rs 1.50 per share of Rs 10 each. The record date has been fixed at 29 March 2024.

Housing & Urban Development Corporation (HUDCO) is a policy institution that provides housing finance and non-commercial urban infrastructure financing. The company's key mission is to support the construction of affordable housing for lower-income households and the development of non-commercial urban infrastructure (including water supply, road and transport, power, commercial infrastructure). HUDCO conducts its business by balancing profitability with its social mandate.

The companys consolidated net profit surged 104.2% to Rs 519.23 crore on 17.6% increase in total income to Rs 2,022.98 crore in Q3 FY24 over Q3 FY23.

The scrip fell 0.99% to Rs 175.45 on the BSE.

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