HDFC to raise $1.75 billion from investors
Jan 14, 2018-
India’s Housing Development Finance Corp Ltd plans to raise about 111 billion rupees ($1.75 billion) from a preferential share sale to investors including affiliates of Singapore state investor GIC and private equity KKR & Co LP. A committee of directors of the mortgage lender on Saturday approved selling 64.3 million shares at 1726.05 rupees a piece to the investors, according to a stock exchange filing. HDFC shares closed at 1760.95 rupees on Friday. Separately, HDFC will also sell shares to institutional investors through a so-called Qualified Institutions Placement to raise up 18.96 billion rupees, it said. HDFC’s fund-raising is mainly aimed at investing in a preferential share issue by HDFC Bank, which will help the mortgage lender maintain its about 21 percent stake in the bank.
Published: 14-01-2018 09:28