Housing Development Finance Corporation (HDFC), India's largest mortgage lender, said Wednesday the corporation will raise up to Rs 50 billion to boost its lending operations.
The board of directors of corporation will consider issue of non-convertible debentures or warrants to qualified institutional buyers. It said if board decides to issue warrants then in that case, the corporation will issue maximum of 36.5 million shares of Rs 2 each and new equity shares to be issued result in a maximum dilution of 2.2 of the expanded paid up share capital.
Further the corporation said the floor price of the equity shares to be issued pursuant to exercise of warrants will be decided by the board of directors.
Shares of the company gained Rs 7.2, or 0.55%, to settle at Rs 1,311.70. The total volume of shares traded was 142,006 at the BSE (Wednesday).