HDFC gained 1.68% to Rs 1,138.90 at 10:15 IST on BSE after the company announced that it intends to raise Rs 1135 crore through private placement of senior secured redeemable non-convertible debentures.
The company made the announcement after trading hours yesterday, 4 May 2016.Meanwhile, the S&P BSE Sensex was up 109.74 points or 0.44% at 25,211.47.
On BSE, so far 20,057 shares were traded in the counter as against average daily volume of 2.05 lakh shares in the past one quarter. The stock hit a high of Rs 1,151.70 and a low of Rs 1,135.85 so far during the day. The stock had hit a 52-week high of Rs 1,370.80 on 16 July 2015. The stock had hit a 52-week low of Rs 1,012 on 25 February 2016. The stock had outperformed the market over the past one month till 4 May 2016, gaining 2.43% compared with Sensex's 1.17% fall. The scrip had, however, underperformed the market in past one quarter, declining 3.33% as against Sensex's 3.14% gains.
The large-cap company has equity capital of Rs 315.97 crore. Face value per share is Rs 2.
HDFC said that the debentures has issue price of Rs 1 crore each and carry coupon rate of 8.34% per annum with a tenor of 2 years and 10 months. The issue opens and closes on the same day on 6 May 2016. The object of the issue is to augment the long-term resources of the company. The proceeds of the present issue would be utilized for financing/refinancing the housing finance requirements of the company. The redemption date of the issue os 6 March 2019.
The gains in the stock was also supported by announcement of strong Q4 result by the company in the recent past. HDFC's net profit rose 40% to Rs 2607.05 crore on 23.7% growth in total income to Rs 9225.72 crore in Q4 March 2016 over Q4 March 2015. The result was announced during market hours on Monday, 2 May 2016. The stock has risen 4.77% to its current ruling price of Rs 1,138.90, from its close of Rs 1,087 on 28 April 2016.
HDFC is India's first retail housing finance company and is currently one of the largest originators of housing loans in the country.
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