HDFC Approves Raising Rs 57,000 Crore & More: Board Meeting Outcome

HDFC Approves Raising Rs 57,000 Crore & More: Board Meeting Outcome
Credit: © Reuters.

By Malvika Gurung -- The Board of Directors of financial bellwether Housing Development Finance Corporation (NS: HDFC ), in a Board meeting conducted on Monday, March 27, 2023, has given a green signal to raise approximately Rs 57,000 crore via issuance of non-convertible debentures (NCDs).

The Board meeting of India’s largest mortgage lender in the last week of the current financial year was looked upon by investors, and as per the company’s filing on the stock exchanges, its Board has granted its approval for not only raising funds through bond issuance but also increasing the overall borrowing powers of the corporation.

HDFC’s Board has approved the issuance of unsecured redeemable NCDs in multiple tranches, under a Shelf Placement Memorandum, aggregating to Rs 57,000 crore on a private placement basis.

The Board of Directors has also agreed to increase the behemoth’s overall borrowing powers from Rs 6 lakh crore to Rs 6.5 lakh crore, outstanding at any point of time. The decision will now be subject to approval from HDFC’s members via postal ballot.

“The said decision was taken since the outstanding borrowings of the Corporation as on date is approximately Rs. 5.7 lakh crore and the Corporation would need to borrow further for its business purposes till the effective date of merger,” HDFC said on Monday.

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