HDFC hits record high as board approves Rs 130 billion fund raising plan

The stock hit lifetime high of Rs 1,832, up 4% on BSE after its board approved fund raising worth Rs 130 billion through a combination of a preferential allotment and QIP.

Housing Development Finance Corporation (HDFC) hit lifetime high of Rs 1,832, up 4% on BSE after its board approved fund raising worth Rs 130 billion through a combination of a preferential allotment and Qualified Institutions Placement (QIP). The stock surpassed its previous high of Rs 1,805 touched on November 7, 2017 in intra-day trade.

The board approved issuance 64.33 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 billion to various investors including Azim Premji Trust.

A total of 30 million shares