HUDCO board to mull fund raising plans on March 20

Housing & Urban Development Corporation (HUDCO) said that the board will meet on Wednesday, 20 March 2024, to consider a proposal to raise funds and also to increase the overall borrowing limit.

In a regulatory filing made late on Friday, the company said that a meeting of board of directors is scheduled to be held on 20 March 2024 to consider declaration of interim dividend for the financial year 2023-24.

At the same meeting, the board will consider raising of funds through issue of bonds/debentures, up to a maximum amount of Rs. 40,000 Crore during financial year 2024-25, depending upon actual funds requirement.

The board will also consider increasing the overall borrowing limit to Rs 1,50,000 crore from existing limit of Rs 1,00,000 crore, subject to the approval of same by shareholders.

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 slipped 3.27% to currently trade at Rs 182.05 on the BSE.

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