Housing Development Finance Corporation (HDFC), India's largest mortgage lender, witnessed a rise in share price on Thursday after the corporation said it 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.

Shares of HDFC are trading at Rs 1,347.50, up Rs 35.8, or 2.73% at the Bombay Stock Exchange (BSE) on Thursday at 11:33 a.m. The scrip has touched an intra-day high of Rs 1,352 and low of Rs 1,300. The total volume of shares traded was 32,687 at the BSE.