The board of Housing Development Finance Corporation Ltd. (HDFC) has approved and declared open a Qualified Institutional Placement (QIP) issue to raise upto ₹14,000 crore via shares and warrants, the mortgage financier said in a filing with the stock exchanges.
The floor price for the issue has been fixed at ₹1,838.94 per equity share, as per the formula set down by the Securities and Exchanges Board of India (SEBI).
As per the regulations, HDFC may offer a discount of 5% to the floor price, which will be based on its sole discretion, it said.
The Committee of Directors will meet on August 10 to “consider and determine the price to be [determined] by way of the issue to the qualified institutional buyers,” the financier said in the filing.
HDFC added that it would also raise ₹9,000 crore through issuance of Secured Redeemable Non-Convertible Debentures.
The shares of the company declined 0.13% to ₹1,776.90 on Wednesday on the BSE. As per stock exchange data, the 52-week high was ₹2,499.65 a share while the year’s low is ₹1,473.10 apiece.
You have reached your limit for free articles this month.
To get full access, please subscribe.
Already have an account ? Sign in
Show Less Plan
Subscription Benefits Include
Today's Paper
Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list.
Faster pages
Move smoothly between articles as our pages load instantly.
Unlimited Access
Enjoy reading as many articles as you wish without any limitations.
Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.
Personalised recommendations
A select list of articles that match your interests and tastes.
Briefing
We brief you on the latest and most important developments, three times a day.
*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.
A letter from the Editor
Dear subscriber,
Thank you!
Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.
The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.
We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.
Suresh Nambath