Key Points of HDFC Board Meeting to Fundraising:
- HDFC, India’s largest mortgage lender, is planning to raise funds of up to Rs 57,000 crore.
- The company’s Board of Directors will meet on March 27, 2023, to consider issuing unsecured redeemable nonconvertible debentures on a private placement basis.
- Shareholders had already approved the issuance of debentures during the 45th Annual General Meeting held on June 30, 2022, under a Shelf Placement Memorandum.
- HDFC had previously raised Rs 25,000 crore via a 10-year non-convertible debenture issue in February 2023.
- Despite market volatility, HDFC’s market capitalization increased by Rs 384.89 crore to Rs 4,69,845.34 crore in the week ending on March 24, 2023.
- However, HDFC’s shares dipped 0.39% to Rs 2,559.9 apiece in Friday’s trade.
- HDFC’s decision to raise funds through debentures is aligned with its strategy to leverage its strong financial position and meet the growing demand for mortgage loans in India, further strengthening its market position and capitalizing on market opportunities.
Details of HDFC Board Meeting to Fundraising:
Housing Development Finance Corporation (HDFC), India’s largest mortgage lender, is scheduled to convene a board meeting this week to consider raising funds of up to Rs 57,000 crore. The company announced that its Board of Directors will meet on March 27, 2023, to issue unsecured redeemable nonconvertible debentures in multiple tranches on a private placement basis.
This move comes after shareholders approved the issuance of said debentures under a Shelf Placement Memorandum during the 45th Annual General Meeting held on June 30, 2022.
In February 2023, HDFC successfully raised Rs 25,000 crore via a 10-year non-convertible debenture issue. Despite a volatile week, HDFC’s market capitalization rose by Rs 384.89 crore to Rs 4,69,845.34 crore in the week ending on March 24, 2023. However, its shares dipped 0.39% to Rs 2,559.9 apiece in Friday’s trade.
HDFC’s decision to raise funds through debentures is in line with its strategy to leverage its strong financial position and tap into the growing demand for mortgage loans in India. With this move, the company aims to further strengthen its market position and capitalize on the opportunities in the market.
About HDFC:
Headquartered in Mumbai, HDFC Bank is a leading Indian banking and financial services company. With the largest private sector bank by assets in India, HDFC Bank ranks as the 10th largest bank in the world by market capitalization as of April 2021.
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