HDFC Life Insurance Company Ltd updates on NCD issue

The Board of Directors of HDFC Life Insurance Company Limited ("the Company") had earlier approved proposal for raising of funds through issuance of NCDs in the nature of subordinated debt instrument up to Rs.600 Crore (Rupees Six Hundred Crore only) in one or more tranches, on private placement basis, subject to receipt of the regulatory approvals and terms and conditions as may be finalised by the Sub-Committee of the Board, constituted by the Board for the purposes of overlooking the capital/ fund raising exercise of the Company.

Pursuant to the in-principle approval of the Board of Directors as mentioned above, a meeting of the Capital Raising Committee ("CRC") of the Board of Directors of the Company is scheduled to be held on Thursday, July 23, 2020, to approve the commercial terms of proposed issuance of up to 6,000 (Six Thousand) Unsecured, Rated, Listed, Subordinated, Redeemable, Non-Convertible Fully Paid-up Debentures each having a face value of Rs.10,00,000/- (Rupees Ten Lakh only) of the aggregate nominal value of up to Rs.600,00,00,000/- (Rupees Six Hundred Crore only) (hereinafter referred to as the "Debentures") for cash, at par, in dematerialised form on private placement basis, and in terms of the IRDAI (Other Forms of Capital) Regulations, 2015. The outcome of the said meeting will be submitted to you, in accordance with the applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shares of HDFC Life Insurance Company Ltd was last trading in BSE at Rs.617.15 as compared to the previous close of Rs. 614.75. The total number of shares traded during the day was 228773 in over 8311 trades.

The stock hit an intraday high of Rs. 628 and intraday low of 612.3. The net turnover during the day was Rs. 142098958.

Source : Equity Bulls

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