HDFC on Friday sought shareholders’ nod to raise up to Rs 85,000 crore through private placements within a year of its annual general meeting on July 28.
In a regulatory filing, the lender said funds would be raised through redeemable non-convertible debentures (NCDs) secured or unsecured or other hybrid instruments which can be classified as tier II capital.
HDFC has increased its borrowing limit in FY16 from R75,000 crore in the previous fiscal; the lender said it had raised Rs 26,170 crore via secured NCDs and Rs 3,000 crore via unsecured NCDs in FY15. “As on March 31, 2015, the outstanding secured NCDs issued by the corporation was Rs 84,130 crore and unsecured NCDs was Rs 6,475 crore,” HDFC said in the filing.
In a separate resolution, the firm sought shareholders’ nod to raise up to Rs 5,000 crore through warrants to qualified institutional buyers. “The warrants, upon exercise would result in an issuance of a maximum of of 3.65 crore equity shares of Rs 2 each of the corporation and would result in a maximum dilution of up to 2.2 per cent of the post issue paid-up equity capital,” it said. FE