New Delhi: HDFC Ltd, India’s largest mortgage lender, on Monday stated it has plans to raise Rs five,000 crore via issuing non-convertible debentures (NCDs) and warrants to institutional investors to fund itsbusiness increase.
HDFC Ltd in a submitting to the BSE stated “the committee of board of administrators of the business enterprise at its assembly held these days has authorised a proposal for a simultaneous offering of secured redeemable non-convertible debentures of as much as Rs five,000 crore along side warrants”.
“The NCDs collectively with warrants will be issued to certified Institutional consumers (QIBs) on aqualified Institutional Placement basis,” it introduced.
Warrant holders could exchange warrants with fairness stocks of HDFC inside a duration of 5 years at the discretion of the board, HDFC stated.
“The maximum dilution that could take vicinity in future, if all the warrants are exchanged into equityshares of the employer, could be 2.2 according to cent of the improved equity proportion capital of theorganization,” the filing noted.
both the proposed NCDs and warrants will be indexed on the Bombay inventory exchange (BSE) and thenational inventory alternate (NSE), HDFC stated.
meanwhile, it additionally introduced that trouble of NCDs is difficulty to approval of shareholders at its annual preferred assembly to be held on July 28, 2015.
HDFC stocks ended 1.78 in keeping with cent lower at Rs 1,179.sixty five apiece at the BSE on Monday.