Mortgage lender HDFC's board has approved raising up to Rs 85,000 crore through issuance of debt securities.
Mortgage lender HDFC’s board has approved raising up to Rs 85,000 crore through issuance of debt securities. “The Board approved issuance of redeemable non-convertible debentures (secured/unsecured) and/or hybrid instruments (not in the nature of equity shares) up to Rs 85,000 crore on a private placement basis,” HDFE said in a BSE filing. The Board also approved re-appointment of Keki Mistry as the Managing Director (designated as vice chairman and chief executive officer) of the Corporation for a period of 3 years. HDFC has sought members approval for both the proposals in its annual general meeting scheduled on July 30, 2018.
HDFC today reported a 28.63 per cent rise in consolidated net profit to Rs 3,961.17 crore for the quarter ended March 31, 2018. It had registered a net profit of Rs 3,079.33 crore in the January-March quarter of the previous financial year (2016-17). Total income during the quarter grew 17.78 per cent to Rs 21,248.79 crore as against Rs 18,040.59 crore in the year-ago period, HDFC said in a regulatory filing.
On standalone basis, HDFC posted 39.23 per cent rise in net profit to Rs 2,846.22 crore in the reported quarter compared to Rs 2,044.2 crore earlier. Total income grew 13.14 per cent to Rs 9,633.89 crore as against Rs 8,514.51 crore in the year-ago period.