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Home / Business / Go-ahead to mega HDFC fund-raiser

Go-ahead to mega HDFC fund-raiser

Approval for issuance of redeemable non-convertible debentures or other hybrid instruments on a private placement basis
The mortgage lender also added that it has received shareholder approval for selling stake in its insurance subsidiaries HDFC Life Insurance and HDFC ERGO General Insurance Company.

Our Special Correspondent   |   Mumbai   |   Published 01.08.20, 05:27 AM

Shareholders of HDFC have approved a plan to raise up to Rs 1.25 lakh crore by issuing debentures or other hybrid instruments on a private placement basis. The clearance was received at the company’s annual general meeting held via video conference on Thursday.

Earlier this month, HDFC had announced its capital raising plans and said it would seek shareholders’ nod at the meeting.

The special resolution, which required two thirds majority, was put to vote at the meeting and the company got approval for the issuance of redeemable non-convertible debentures or other hybrid instruments on a private placement basis up to an amount not exceeding Rs 1,25,000 crore, HDFC said in a regulatory filing to the bourses.

Out of 1,357,116,150 votes that were polled, 1,347,607,747 votes, or 99.29 per cent, were in favour of the proposal.

The mortgage lender also added that it has received shareholder approval for selling stake in its insurance subsidiaries HDFC Life Insurance and HDFC ERGO General Insurance Company.

Moreover, the company has received approval for re-appointment of Renu Sud Karnad as managing director.

HDFC on Thursday reported a 4.7 per cent fall in standalone net profit for the June quarter.

Shares of HDFC on Friday settled 1.55 per cent lower at Rs 1,782.85 on the BSE.

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