HDFC Shareholders Approve Raising Rs 1.25 Lakh Crore
The country’s largest mortgage lender received shareholder approval for selling stake in its insurance subsidiaries.
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.
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.