The Housing Development Finance Corporation (HDFC) board today approved a bonus issue of one equity share for every share held. The bonus proposal will be put up to the shareholders at an extraordinary general meeting to be held on December 2. HDFC is making this bonus issue for the first time in its 25-year history.
The board also passed an enabling resolution to buy back equity of up to 5 per cent of its share capital. HDFC managing director Keki Mistry said this is only an intention to buy back and until the regulations permit, the corporation will not be able to exercise the option.
Meanwhile, HDFC reported a 20.69 per cent increase in its net profit for the second quarter ended September 30, 2002 to Rs 167.15 crore, up from Rs 138.49 crore in the corresponding quarter of the previous year.
For the first six months of 2002-2003, the housing finance major
