Housing finance giant HDFC is looking for fresh capital after getting a specialised banking licence.
HDFC is looking for at least Rs.
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650 mn in fresh equity through a private placement to be raised within the next two months. rn
rnAmendments were passed to the HDFC Act last week giving the government-housing bank, a specialised banking license.rn
rnHDFC has also approached the Employees Trust Fund to raise a further Rs. 250 mn in long-term debt finance.rn
rnHDFC bank now plans to issue 6.5 million shares, the remainder of its authorised share capital.
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rn
rnIt plans to issue the shares at a premium and is already in talks with a few parties willing to buy them.rn
rnGovernment owned HDFC bank has an issued share capital of Rs. 350 mn.rn
rnThe money raised is expected to retire some of the more expensive borrowings the bank has on its balance sheet.rn
rnThe bank also plans to use the money to go on an aggressive lending drive capitalising on government subsidies for low and middle class hous