HDFC to issue NCDs, hopes to raise Rs 35,000 crore

Mumbai: Housing finance major HDFC on Monday said it will raise Rs 35,000 crore through secured redeemable non-convertible debentures (NCDs).

"The board approved the issuance of secured redeemable NCDs aggregating to Rs 35,000 crore on a private placement basis under a shelf disclosure document in terms of the SEBI (Issue and Listing of Debt Securities) Regulations 2008," the company said in a regulatory filing.

According to the mortgage lender, the move to issue the NCDs comes after the shareholders approval which was obtained at the 39th annual general meeting (AGM) held on July 27, 2016.

In addition, the board approved an increase of the authorised share capital of the company from Rs 340 crore, consisting of 170 crore equity shares of Rs 2 each, to Rs 350 crore, consisting of 175 crore equity shares of Rs 2, subject to the shareholders approval through postal ballot.