Committee of Directors approves preliminary placement document
Housing Development Finance Corporation announced that in terms of the special resolution passed by the shareholders of the Corporation at the 38th Annual General Meeting held on 28 July 2015, the committee of the board of directors of the Corporation (Committee of Directors), at its meeting held on 30 September 2015 decided to open the issue of secured redeemable non-convertible debentures (NCDs). HDFC is simultaneously issuing warrants exchangeable into equity shares along with the NDC issue on qualified institutional placement basis.The Committee of Directors have approved the preliminary placement document dated 30 September 2015.
Each warrant is convertible into one equity share of the company. The floor price for the warrants has been fixed at Rs 1,189.66 each. The warrants proposed to be issued pursuant to the issue are exchangeable for equity shares within 36 months of the date of allotment of the warrants. The maximum dilution that could take place in future, if all the warrants are exchanged for equity shares, would be up to 2.2% of the expanded equity share capital of the company.
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