HDFC board to consider raising funds by NCDs on March 27

NEW DELHI: Mortgage lender HDFC Ltd on Friday said its board would consider raising funds through non-convertible debentures (NCDs) in tranches aggregating to Rs 57,000 crore.

"A meeting of the Board of Directors of the Corporation is scheduled to be held on Monday, March 27, 2023 to consider issuance of unsecured redeemable nonconvertible debentures, in various tranches, under a Shelf Placement Memorandum, aggregating Rs 57,000 crore on a private placement basis...," HDFC said in a regulatory filing.

The approval for this was granted by the shareholders at the 45th Annual General Meeting held on June 30, 2022, it said.

It is expected that the parent HDFC Ltd would merge into subsidiary HDFC Bank by the third quarter of the next financial year.

Termed as the biggest transaction in India's corporate history, HDFC Bank on April 2022 agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan.