Contact Your Financial Adviser Money Making MC
19
December 2017
 |
HDFC (The Total Investment
& Insurance Solutions)
Housing
finance major HDFC plans to raise funds up to Rs 13,000 crore ($2 billion) via
issue of equity shares or other permissible securities, subject to the
regulatory approvals. The Total Investment
& Insurance Solutions
"The
corporation will consider raising funds by issue of equity shares or compulsorily
convertible debentures or warrants or a combination thereof," the company
said in a statement.
"The
issue will be through a preferential issue or qualified institutions placement
basis or through any other permissible mode or combination thereof, subject to
necessary shareholder and regulatory approvals."
According
to the company, the decision was taken by its board of directors to participate
in the preferential issue of HDFC Bank and to explore other growth
opportunities. The Total Investment & Insurance
Solutions
"The
Corporation, together with its wholly owned subsidiaries currently holds 21.01%
of the paid-up equity share capital of HDFC Bank. HDFC Bank proposes to raise
further capital to fund its growth," the statement said.
"In
order for the Corporation to more or less maintain its current shareholding in
HDFC Bank (post dilution as a result of outstanding stock options), it will
need to participate in HDFC Bank's preferential offer up to an amount not
exceeding Rs8,500 crore, subject to regulatory approvals and the approval of
members of the Corporation." The Total Investment
& Insurance Solutions
The
Corporation did not participate in the last equity issue of HDFC Bank in
February 2015. The Total Investment & Insurance
Solutions
HDFC
further said that it "is exploring opportunities in the health insurance
sector in conjunction with its subsidiary, HDFC ERGO General Insurance Company
Limited". The Total Investment & Insurance
Solutions
"The
Corporation is evaluating opportunities in the acquisition and resolution of
stressed
assets in the real estate sector. The Corporation has set up funds for
investing in the equity and mezzanine debt of affordable housing projects. The
Corporation has committed sponsor support to these funds," the statement
added.The Total Investment & Insurance
Solutions
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