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HDFC to go shopping for funds

Calcutta, June 14: HDFC is planning to raise about Rs 6,000-6,500 crore from the market during 2003-04 while targeting a growth of 30 per cent in loan disbursement for housing projects.

“We are planning to raise about Rs 6,000-6,500 crore from the market for this year. This will include a foreign loan component of about $ 100-200 million either from IFC, Washington, or the international market,” HDFC managing director Keki M. Mistry has said.

The company, which raised about $ 200 million from the international market last year, has approached IFC for the loan this year and is awaiting the government’s approval for it, he said.

The company is looking at 30 per cent growth in loan approval and disbursement this fiscal, he said. The total loan approval last year was Rs 11,732 crore, while disbursement was Rs 9,957 crore. This year, the disbursement is likely to be about Rs 12,500 crore.

Last year, the company raised Rs 5,200-5,500 crore from different sources. Keki said 39 per cent of the borrowings were met through deposits, 18 per cent through bonds and debentures, 9 per cent from international sources and 34 per cent through domestic term loan.

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