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HDFC shares gain nearly 2% after fund raising plan

Shares of HDFC jumped nearly 2 per cent intraday on Thursday after the morgage lender announced that it will raise Rs 1,340 crore through an issue of bonds on private placement basis.

By: | New Delhi | Updated: September 22, 2016 5:00 PM
HDFC shares Shares of HDFC jumped nearly 2 per cent intraday on Thursday after the morgage lender announced that it will raise Rs 1,340 crore through an issue of bonds on private placement basis.

Shares of HDFC jumped nearly 2 per cent intraday on Thursday after the morgage lender announced that it will raise Rs 1,340 crore through an issue of bonds on private placement basis. At 12.50 pm, shares of the company were trading 1 per cent up at Rs 1,406.15. The scrip opened the day at Rs 1,406.15 and has touched a high and low of Rs 1,418 and Rs 1,406.15, respectively, in trade so far. Later, the scrip ended 1.71 per cent up at Rs 1416.. HDFC made the announcement on Thursday after market hours.

The bonds in the nature of secured redeemable non-convertible debentures will have a coupon rate of 7.67 per cent annually. In a BSE filing HDFC said, “The object of the issue is to augment the long-term resources of the corporation. The proceeds of the issue would be utilised for financing or refinancing the housing finance business requirements of the company.”

The issue will open on September 23 (Friday) and will close on the same day. The issue got CRISIL AAA rating from Crisil and ICRA AAA rating from ICRA.

For the quarter ended June 30, 2016, the company reported a consolidated net profit of Rs 2796.92 crore, up 26.89 per cent, against Rs 2204.29 crore in the same quarter last year. Net sales of the company also increased by 7.44 per cent year-on-year to Rs 8311.24 crore for the quarter under review against Rs 7735.52 crore in the same quarter last fiscal.

Tags: BSE Sensex
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