HDFC Shareholders Approve Raising Rs 1.25 Lakh Crore
Information leaflets are displayed at a Housing Development Finance Corp. (HDFC) bank branch in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

HDFC Shareholders Approve Raising Rs 1.25 Lakh Crore

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Mortgage lender HDFC Ltd. on Thursday said the company's shareholders have approved raising up to Rs 1.25 lakh crore by issuing debentures or other hybrid instruments on a private placement basis.

The approval was received at the company's annual general meeting (AGM) held through via video conference on account of the Covid-19 pandemic.

On July 2, the company had informed about its capital raising plan and said that it would seek shareholders' nod at the AGM.

Put to vote as a special resolution, requiring two thirds majority, the board of directors got approval for issuance of redeemable non-convertible debentures and/or other hybrid instruments on private placement basis up to an amount not exceeding Rs 1,25,000 crore, HDFC said in a statement to stock exchanges.

Also read: HDFC Q1 Results: Net Profit Down 4.7%; Provisions Rise

The country's largest mortgage lender also said that it has received shareholder approval for selling stake in its insurance subsidiaries HDFC Life Insurance Co. Ltd. and HDFC ERGO General Insurance Co. Ltd.

Besides, the company has also received approval for re-appointment of Renu Sud Karnad as managing director, the HDFC filing said.

Also read: HDFC’s Deepak Parekh On Stamp Duty Waiver And Commercial Real Estate Prospects

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