India’s largest housing financier HDFC on Monday approved the allotment of 92.7 lakh equity shares to Silverview Investments Pte Ltd via preferential issue at Rs 1,726.05. With this allotment, HDFC has completed the total allotment of 6.43 crore shares on a preferential basis, as approved by the board members on 14 February 2018. Following the development, the stock of HDFC Ltd plunged 1.26% to the day’s low of Rs 1,819.5 on BSE. After the completion preferential issue of HDFC, the paid-up share capital of the HDFC stands increased to Rs 332.78 crore consisting 166.39 crore equity shares.
“The allotment committee of directors of the corporation at its meeting held today i.e., February 27, 2018, approved the allotment of the remaining 92.7 crore shares under distinctive numbers from 1,65,46,16,749 to 1,66,38,86,467 (both numbers inclusive) to Silverview Investments Pte Ltd at a price of Rs 1,726.05 per equity share, on a preferential basis in accordance with chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009,” HDFC Ltd said in an exchange filing.
A healthy trading volume has been observed in the shares of HDFC, as at 1:40 pm, more than 18.7 lakh shares of HDFC exchanged hands on both NSE and BSE with about 18.5 lakh shares on NSE alone. This is further to our intimations dated February 15, 2018 and February 22, 2018, wherein we had informed the exchanges about the allotment of 2.49 crore shares of face value of Rs 2 of the corporation and 3.01 crore share, respectively aggregating to 5.5 crore equity shares at a price of 1,726.05 on a preferential basis, out of the total issue size of 6.43 crore shares, HDFC added.
Earlier in January last month, HDFC Ltd posted a three-fold rise in the standalone net profit to Rs 5,670.21 crore for the October-December period, due to the one-time gain from the sale of equity shares in its subsidiary HDFC Standard Life Insurance Company. HDFC reported a standalone net profit of Rs 1,701.21 crore in the third-quarter ended 31 December 2016. HDFC’s total income from operations grew 6.55% to Rs 8,667.15 crore in the October-December period of the financial year 2018 from Rs 8,133.78 crore in the same quarter last year. An exceptional gain of Rs 3,675.31 crore was realised in the third-quarter due to the sale of equity shares in the insurance subsidiary HDFC Life.