HDFC Raises Rs 10,000 Crore Equity Capital From QIP, Issues Warrants And Bonds
Information leaflets are displayed at a Housing Development Finance Corp. (HDFC) bank branch in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

HDFC Raises Rs 10,000 Crore Equity Capital From QIP, Issues Warrants And Bonds

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Housing Development Finance Corporation Ltd. on Tuesday said it has raised Rs 10,000 crore equity capital by issuing shares to qualified investors, including Government of Singapore and Invesco Oppenheimer Developing Markets Fund.

Besides, the corporation has raised Rs 3,693 crore through an issue of non-convertible debentures. It also allotted 1,70,57,400 warrants at an issue price of Rs 180 per warrant, aggregating to around Rs 307 crore under the QIP issue, according to a regulatory filing.

"We wish to inform you that the committee of directors - QIP 2020 of the Corporation at its meeting held today approved the allotment of..securities to eligible qualified institutional buyers pursuant to the issue," HDFC said in a regulatory filing.

HDFC said it has issued 5,68,18,181 equity shares at an issue price of Rs 1,760, aggregating to Rs 10,000 crore.

Among those who were allotted more than 5% of the securities offered in the QIP issue are Government of Singapore at 13.37% (7,596,457 shares) and Invesco Oppenheimer Developing Markets Fund 5.54% (3,148,882 shares).

Also, HDFC Ltd. issued 36,930 secured redeemable non-convertible debentures of face value of Rs 10 lakh each due on August 11, 2023, at par aggregating Rs 3,693 crore carrying a coupon rate of 5.40% payable annually, it added.

Also read: Biggest Indian Mortgage Lender Plans Acquisitions With New Funds

Axis Bank, ICICI Bank, Kotak Mahindra Bank, Morgan Stanley Asia (Singapore) PTE and JM Financial Products Ltd were among the allottees of the NCDs.

The mortgage lender also issued 1,70,57,400 warrants at an issue price of Rs 180 per warrant.

The warrant holders can exercise their right to exchange each warrant for one equity share at a price of Rs 2,165 per warrant at any time before the expiry of a period of 36 months or until Aug. 10, 2023, it added.

Also read: ICICI Bank Sets Floor Price For Rs 15,000-Crore QIP

Those who subscribed to the warrants included SBI Blue Chip Fund, ICICI Prudential Banking and Financial Services, Reliance Ventures Ltd., Kotak Balanced Advantage Fund.

"Pursuant to the allotment of equity shares, the paid-up share capital of the Corporation stands increased to Rs 358,28,53,976 consisting of 179,14,26,988 equity shares of Rs 2 each," HDFC said.

HDFC shares traded up by 1.61% at Rs 1,827.60 apiece on BSE in pre-close session.

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