HDFC Raises Rs 10,000 Crore Via QIP; Also Issues Warrants, NCDs

On Tuesday, Housing Development Finance Corporation (HDFC) said that it has raised Rs 10,000 crore equity capital by issuing shares to qualified investors, including Government of Singapore and Invesco Oppenheimer Developing Markets Fund.

Besides, the housing finance major has raised Rs 3,693 crore through an issue of non-convertible debentures (NCDs). It has also allotted 1.7 crore warrants at an issue price of Rs 180 per warrant, aggregating to around Rs 307 crore under the QIP issue, according to its regulatory filing.

"We wish to inform you that the committee of directors -QIP 2020 of the Corporation at its meeting held today approved the allotment of..securities to eligible qualified institutional buyers pursuant to the issue," HDFC said.

HDFC said it has issued 5.68 crore equity shares at an issue price of Rs 1,760, aggregating up to Rs 10,000 crore.

Among those who were allotted more than 5 percent of the securities offered in the QIP issue are Government of Singapore at 13.37 percent (75.96 lakh shares) and Invesco Oppenheimer Developing Markets Fund 5.54 percent (31.48 lakh shares).

Also, HDFC Ltd issued 36,930 secured redeemable non-convertible debentures of the face value of Rs 10 lakh each due on 11 August 2023, at par aggregating Rs 3,693 crore carrying a coupon rate of 5.40 percent payable annually, it added.

Axis Bank, ICICI Bank, Kotak Mahindra Bank, Morgan Stanley Asia (Singapore) PTE and JM Financial Products Ltd were among the allottees of the NCDs.

The mortgage lender also issued 1.70 lakh warrants at an issue price of Rs 180 per warrant.

The warrant holders can exercise their right to exchange each warrant for one equity share at a price of Rs 2,165 per warrant at any time before the expiry of a period of 36 months or until 10 August 2023, it added.

Those who subscribed to the warrants included SBI Blue Chip Fund, ICICI Prudential Banking and Financial Services, Reliance Ventures Ltd, Kotak Balanced Advantage Fund.