HDFC m-cap crosses Rs 3 trn for first time on Rs 130-bn fundraising plan

Shares of HDFC gained 6% to an all-time high of Rs 1,870

Shares of Housing Development Finance Corp (HDFC) jumped more than six per cent on Monday after the country’s largest housing finance company approved raising Rs 130 billion in equity capital.

The stock gained 6.2 per cent to reach an all-time high of Rs 1,870. The market capitalisation of the mortgage finance touched Rs 3 trillion, surpassing FMCG major Hindustan Unilever and top car manufacturer Maruti Suzuki to become India’s fifth most-valued firm.

On Saturday, HDFC said its board had approved preferential allotment worth Rs 111 billion to a clutch of marquee investors, which included Canadian pension fund OMERS Administration, Singapore’s