The board of Housing Development Finance Corporation Ltd. (HDFC) has approved and declared open a Qualified Institutional Placement (QIP) issue to raise upto ₹14,000 crore via shares and warrants, the mortgage financier said in a filing with the stock exchanges.
The floor price for the issue has been fixed at ₹1,838.94 per equity share, as per the formula set down by the Securities and Exchanges Board of India (SEBI).
As per the regulations, HDFC may offer a discount of 5% to the floor price, which will be based on its sole discretion, it said.
The Committee of Directors will meet on August 10 to “consider and determine the price to be [determined] by way of the issue to the qualified institutional buyers,” the financier said in the filing.
HDFC added that it would also raise ₹9,000 crore through issuance of Secured Redeemable Non-Convertible Debentures.
The shares of the company declined 0.13% to ₹1,776.90 on Wednesday on the BSE. As per stock exchange data, the 52-week high was ₹2,499.65 a share while the year’s low is ₹1,473.10 apiece.
