Housing Development Finance Corporation Ltd (HDFC) is India's premier housing finance company. The company's main business is to provide loans for the purchase or construction of residential houses. As at end September 2017 HDFC's distribution network comprised of 439 outlets including 135 offices of HDFC's distribution company HDFC Sales Private Limited (HSPL). HDFC covers additional locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL HDFC Bank and third party direct selling associates.The company also has offices in Dubai London and Singapore and service associates in the Middle East region to provide housing loans and property advisory services to non-resident Indians (NRIs) and persons of Indian origin (PIOs). HDFC's product range includes loans for purchase and construction of a residential unit purchase of land home improvement loans home extension loans non-residential premises loans for professionals and loan against property while its flexible repayment options include Step Up Repayment Facility (SURF) and Flexible Loan Installment Plan (FLIP).The company's subsidiaries include HDFC Developers Ltd HDFC Investments Ltd HDFC Holdings Ltd HDFC Trustee Company Ltd HDFC Realty Ltd HDFC Property Ventures Ltd HDFC Sales Pvt Ltd HDFC Ventures Trustee Company Ltd HDFC Venture Capital Ltd HDFC Ergo General Insurance Company Ltd HDFC Standard Life Insurance Company Ltd GRUH Finance Ltd HDFC Asset Management Company Ltd and HDFC Bank Ltd. Housing Development Finance Corporation Ltd was incorporated in the year 1977. The Corporation is established with the primary objective of meeting a social need that of promoting home ownership by providing long-term finance to households for their housing needs. The company was promoted with an initial share capital of Rs. 100 million.In the year 1979 the Corporation introduced HDFC Certificate of Deposit Scheme. In the year 1981 they introduced their first retail Deposit Product. They promoted a wholly owned subsidiary HDFC Developers during the year. In the year 1982 the Corporation introduced the Line of Credit Product (LOC) for employee owned housing. In the year 1985 the Corporation introduced the Home Savings Plan based on the 'Bausparkassen' model West Germany and the 'Step-up Repayment Facility'. In the year 1988 the Corporation in with India's leading financial institutions and commercial banks promoted Gujarat Rural Housing Finance Corporation Ltd (GRUH Finance) Housing Promotion and Finance Corporation Ltd (now SBI Home Finance) Can Fin Homes Ltd and Infrastructure Leasing and Financial Services (IL&FS) and the Credit Rating Information Services of India Ltd (CRISIL). They introduced Telescopic Loan Plan and Short Term Bridging Loan products.In the year 1989 the Corporation introduced two new products namely Home Improvement loans & Home Extension loans. In the year 1990 the Corporation in association with the United Nations Centre for Human Settlements promoted the Coalition of Housing Finance Institutions in Asia. In the year 1991 they re-launched their retail fixed deposit products.In the year 1993 the company made a joint venture with General Electric Capital Corporation of US to promote Countrywide Consumer Financial Services Ltd for consumer finance. In the year 1994 the Corporation introduced Non-Residential Premises Loans for Individuals.In the year 1995 the Corporation made a Strategic alliance with NatWest Markets (UK) and promoted the HDFC Bank. They made a joint venture with IL&FS and Colliers Jardine Asia Pacific Ltd and promoted Colliers Jardine India Property Services Ltd. Also they signed an MoU with Standard Life Assurance Co. of UK for life insurance.In the year 1997 the Corporation promoted the first private sector housing finance company namely Delta Brac Housing Finance Corporation Ltd in Bangladesh. In the year 1998 the Corporation in partnership with a South-based NGO launched the Indian Association for Savings & Credit (IASC) a pioneering micro-finance institution operating in the states of Tamil Nadu and Kerala. Also they introduced Home Equity Loans and Corporate Employees Group Finance Arrangement.In the year 1999 the Corporation invested in a new Housing Finance company in Sri Lanka. They launched the Corporation website www.hdfcindia.com (now hdfc.com). Also they introduced the Adjustable Rate Home Loans and became the first housing finance institution to do so.In the year 2000 the Corporation inaugurated a new HDFC Standard Life office in Mumbai. They launched their first Property Fair and they issued their first Mortgage Backed Securities. The Corporation made a joint venture with Mahindra & Mahindra group and promoted propertymartindia.com a website for providing a range of real estate services. During the year the Corporation acquired the entire shareholding of Hometrust Housing Finance Company Ltd. Also GRUH became a subsidiary of the Corporation. They made a joint venture with TCS and promoted Intelenet Global Services Limited for IT enabled services. Also they entered into joint venture with Standard Life Investments for promoting the HDFC Mutual Fund. In the year 2001 the Corporation in association with State Bank of India Dun & Bradstreet and Trans Union International Inc. (TU) promoted Credit Information Bureau (India) Ltd. They opened their 100th office at Amristar. In the year 2002 the company made a joint venture with Chubb Corporation USA and promoted HDFC-Chubb General Insurance Company Ltd for non-life insurance. In June 2003 they singed a USD 200 million loan agreement with International Finance Corporation (IFC) Washington.In May 2003 the Corporation signed a Technical Service Contract with Egyptian American Bank for providing technical assistance for setting up Egypt's first private sector led mortgage finance company Egyptian Housing Finance Company.In February 2005 the Corporation entered into an implementation agreement with NHB and Asian Development Bank for technical assistance for a study on the development of an agency/secondary mortgage institution to facilitate issuance of residential mortgage backed securities along similar lines as Fannie Mae in USA.During the year 2006-07 the Corporation approved 8 schemes in the area of low-income housing and micro-enterprise financing by way of financial intermediation to partner non-government organisations and micro-finance institutions. They divested their equity holding in HDFC-SL in favour of Standard Life Assurance Company UK for a consideration of Rs. 5.66 crore.During the year 2007-08 the Corporation approved 16 new schemes under the KfW Entsicklungsbank lines in the area of low-income housing and micro-finance by way of financial intermediation to partner non-government organisations across India. They launched two major advertising campaigns namely 'Asset Plus' and 'Empowerment'. 'Asset Plus' was launched primarily to create awareness about home equity loans. 'Empowerment' highlighted the fact that the Corporation's employees are empowered to deploy all resources available to them to provide professional services to customers.During the year the Corporation acquired the entire 26% of the equity of HDFC Chubb General Insurance Company Ltd from Chubb Global Financial Service Corporation USA consequent to which the company became a wholly owned subsidiary of the Corporation. In June 2007 consequent to a preferential offer by HDFC Bank Ltd the Corporation acquired 13582000 shares of HDFC Bank for a consideration of Rs. 1390.11 crore. In October 2007 the Corporation and Standard Life Investments realigned their shareholding in HDFC Asset Management Company Ltd. Accordingly the Corporation increased their stake to 60% in HDFC-AMC by acquiring 9.9% from Standard Life Investments. Also the Corporation and ERGO International AG (ERGO) the primary insurance entity of Munich Re Group (Germany) entered into a joint venture where by HDFC sold a 26% equity stake of the company to ERGO. As a result of this new joint venture the company was named HDFC ERGO General.During the year the Corporation divested 7.15% of its equity holding in HDFC-SL in favour of Standard Life Assurance Company UK for a profit of Rs. 120.94 crore. Also they divested their entire shareholding in Intelenet Global Service Pvt Ltd for a profit of Rs. 313.25 crore. As a result Intelenet Global Service Pvt Ltd ceased to be an associate of the Corporation.During the year 2008-09 the Corporation approved 12 new schemes under the KfW Entsicklungsbank lines in the area of low-income housing and micro-finance by way of bulk loans to partner Non-Government Organisations and micro-finance institutions.During the year 2009-10 the Corporation introduced 'HDFC Systematic Savings Plan' which is a monthly savings plan offering a variable rate of interest. They launched a key brand campaign - 'HDFC - because every family needs a home'. The objective of the campaign was to connect with HDFC's existing customers as well as prospective customers making the HDFC brand synonymous with a home.In April 2010 the company launched a special home loan product at a fixed rate of 8.25% per annum up to March 31 2011 9% for the period between April 4 2011 and March 31 2012 and the applicable floating rate for the balance term. This is a flexible product with dual rates. They also re-launched their product loan against property to assist customers.During the year 2010-11 HDFC Real Estate Destination (HDFC RED) an on-line real estate portal was launched with the key objective of providing a single destination to potential home buyers to search and short-list desired properties that suit their requirements.In 2011 HDFC signed MOU with Indian Army for total Salary Solutions. HDFC 5000th ATM was launched at Swami Narayan Chowk RajkotIn 2012 the company incorporated a new wholly owned subsidiary namely HDFC Education and Development Services Pvt Ltd. HDFC launched `Solitaire' range of women's Credit Cards. HDFC Bank and Vodafone India launch m-paisa - a product for financial inclusion. The company also launches Tax payment facility through ATM and also a Bouquet of premium Travel Credit Cards. The company also launches INFINIA Credit CardIn 2013 HDFC Mutual Fund Acquires the Schemes of Morgan Stanley Mutual Fund. In 2015 HDFC Life gets nod to up foreign partner stake -FDI boost for HDFC as FIPB clears Standard Life's proposal. HDFC launches its first school 'The HDFC School' in Gurgaon.HDFC announced a reduction in its Retail Prime Lending Rate (RPLR) by 20 basis points with effect from 13 April 2015. On 8 June 2015 a committee of the Board of Directors of the company approved a proposal for simultaneous offering of Secured Redeemable Non-Convertible Debentures of upto Rs. 5000 crore along with warrants convertible into equity shares. On 14 August 2015 HDFC announced that it had agreed to sell 17.95 crore shares of HDFC Standard Life Insurance Company Limited (HDFC Life) in favour of its joint venture partner Standard Life (Mauritius Holdings) 2006 Limited at a price of Rs 95 per share aggregating to 9% of the issued and paid-up share capital of HDFC Life. Post the stake sale HDFC's holding in HDFC Life will drop to 61.65%. HDFC announced a reduction in its Retail Prime Lending Rate (RPLR) by 25 basis points with effect from 6 October 2015. HDFC's Board of Directors at its meeting held on 26 October 2015 granted in-principle approval for establishment of a Sponsored Level 1 ADR programme in respect of up to 10% of the issued and paid-up share capital of the company. The Sponsored ADR programme envisages conversion of existing equity shares of the company into ADRs and does not entail any issue of additional shares.On 7 January 2016 HDFC announced that HDFC Capital Affordable Real Estate Fund-1 (HCARE-1) an Alternative Investment Fund (AIF) sponsored by the company has received an aggregate commitment for an amount of Rs. 2700 crore from various investors. The targeted fund size is approximately Rs. 5000 crore and the first close will be Rs. 2700 crore. The tenure of the fund will be 12 years and it will invest in the long-term equity of mid income housing. HDFC Capital Advisors Limited a wholly owned subsidiary of HDFC has been appointed as an investment manager for HCARE-1. On 3 June 2016 HDFC announced that it had completed the transfer of 12.33 crore shares of its subsidiary HDFC ERGO General Insurance Company Limited (HDFC ERGO) representing 22.902% stake in HDFC ERGO in favour of its joint venture partner ERGO International AG. HDFC further said that it made pre tax profit of Rs. 922 crore and post tax profit of Rs. 725 crore from this transaction. On 17 December 2015 HDFC had agreed to sell 22.902% stake in HDFC ERGO to ERGO International at a price of Rs. 90.973 per share for aggregate consideration of Rs. 1122 crore.On 14 July 2016 HDFC announced that it had successfully priced Rs 3000-crore overseas issue of unrated rupee denominated bonds. HDFC thus became the first Indian corporate issuer of rupee denominated bonds overseas. Rupee-denominated bonds are instruments through which Indian entities can raise funds in overseas capital markets while the bond investors hold the currency risk. HDFC's Board of Directors at its meeting held on 27 July 2016 granted in-principle approval for the amalgamation of five wholly-owned subsidiaries viz. Grandeur Properties Private Limited Haddock Properties Private Limited Winchester Properties Private Limited Pentagram Properties Private Limited and Windermere Properties Private Limited into HDFC. The area of business of these five subsidiaries is receiving of rental income on commercial properties. On 18 November 2016 HDFC announced that it has assigned its outstanding loans to the Unitech group to JM Financial Asset Reconstruction Company (JMFARC). Against total outstanding loans of Rs. 869 crore to the Unitech group JMFARC paid HDFC Rs. 155 crore upfront and issued Security Receipts (SRs) to HDFC amounting to Rs. 705 crore to be redeemable over the period of construction of Unitech's projects. On 30 March 2017 HDFC announced that it had raised Rs. 3300 crore through the first issue of rupee denominated bonds to overseas investors under the Medium Term Note programme. On 1 June 2017 HDFC announced that its wholly-owned subsidiary HDFC Investments Limited has made an investment about $ 1.5 million by subscribing to 15% of the share capital of First Housing Finance (Tanzania) the first housing finance company to be set up in Tanzania. On 22 June 2017 HDFC executed a subscription agreement with International Finance Corporation Washington (IFC) whereby IFC decided to subscribed to the rupee denominated bonds to be issued overseas by HDFC up to an amount of Rs. 1300 crore.On 26 July 2017 HDFC's Board of Directors granted approval for issue of Secured Redeemable Non-Convertible Debentures (NCD) aggregating to Rs 35000 crore on a private placement basis under a Shelf Disclosure Document. On 28 July 2017 HDFC announced that it had approved offering of up to 19.12 crore equity shares of Rs 10 each of HDFC Standard Life Insurance Company (HDFC Life) representing 9.57% of the paid up and issued share capital of HDFC Life for sale in the initial public offer of HDFC Life. HDFC Life will continue to be a subsidiary of HDFC after the IPO.On 31 July 2017 HDFC Standard Life Insurance Company and Max Group entities announced that they had called off the proposed merger of their life insurance business since the parties were unable to obtain the requisite regulatory approvals to consummate the proposed merger and other transactions contemplated under the definitive agreements for the merger. On 8 August 2016 HDFC Life and Max Group Entities had announced a proposal for the merger of their life insurance business through a composite scheme of arrangement and had entered into certain definitive agreements to implement the merger. On 17 June 2016 the Board of Directors of HDFC Standard Life Insurance Company Max Life Insurance Company and Max Financial Services approved entering into a confidentiality exclusivity and standstill agreement to evaluate a potential combination through a merger of Max Life Insurance Company and Max Financial Services with HDFC Standard Life Insurance Company by way of a scheme of arrangement. On 14 August 2017 the Insurance Regulatory & Development Authority of India granted its final approval for the merger of HDFC ERGO General Insurance Company Limited (HDFC ERGO) a subsidiary of the company with HDFC General Insurance Company Limited (formerly L&T General Insurance Company). On 9 September 2016 HDFC ERGO announced that it had completed the acquisition of 100% shares of L&T General Insurance Company Limited for Rs 551 crore. On 3 June 2016 the Board of Directors of HDFC ERGO had approved the acquisition of 100% stake in L&T General Insurance Company Limited for an aggregate amount of Rs. 551 crore subject to receipt of requisite approvals.On 16 November 2017 HDFC announced that it had raised Rs. 1300 crore from the issue of rupee denominated bonds to International Finance Corporation Washington under the Medium Term Note Programme.On 30 November 2017 HDFC approved offering a part of its shareholding in its subsidiary HDFC Asset Management Company Limited (HDFC AMC) through offer for sale in the initial public offer (IPO) of HDFC AMC. As on 30 September 2017 HDFC held 57.36% stake in HDFC AMC. HDFC's Board of Directors at its meeting held on 19 December 2017 approved subscription to the securities offered by HDFC Bank on preferential basis up to an amount not exceeding Rs 8500 crore. The board also approved raising funds through issue of equity shares and/or other permissible securities up to an aggregate amount not exceeding Rs. 13000 crore. On 20 December 2017 HDFC approved the sale of 6.3% stake in Computer Age Management Services Private Limited (CAMS) to Great Terrain Investment Ltd Mauritius an affiliate of Warburg Pincus group for a total consideration of Rs 209.50 crore. After completion of the sale HDFC's holding in CAMS will drop to 4.8% of the equity capital of CAMS.On 21 December 2017 HDFC approved the sale of 100% of its equity share capital in HDFC Developers Limited which runs the HDFC Red platform and HDFC Realty Limited a real estate brokerage platform to Quikr for total consideration of Rs. 101.99 crore and Rs. 254.98 crore respectively. Quikr is India's largest classifieds platform. Simultaneously HDFC acquired an equity stake in Quikr India Private Limited.