HDFC raises Rs 111 billion from marquee investors

The company said the primary objective of the fundraising exercise is to participate in the preferential issue of HDFC Bank Ltd up to Rs 85 billion.

HDFC Ltd on Saturday said in a filing that it would issue 64.3 million shares to a set of marquee investors to raise at least Rs 111.04 billion.

The plan is to raise an amount not exceeding Rs 130 billion, including a QIP offering of Rs 18.9 billion, the largest mortgage finance company said. The per share price works out to be Rs 1726.05, based on SEBI pricing formula.

The preferential allotment represents 3.87 per cent of the company's market capital. The allotment would be finished within a fortnight of passing a special resolution of shareholders through postal ballot.

The company said the