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Posted On : 2009-08-17 23:14:43( TIMEZONE : IST )
Housing Development Finance Corporation Ltd (HDFC) has announced that the Committee of Directors (CoD) of the Company at its meeting held on August 17, 2009, has decided to make an issue of the following securities to Qualified Institutional Buyers (QIBs) on a Qualified Institutions Placement (QIP) basis, in terms of the Special Resolution passed by the Shareholders at the 32nd Annual General Meeting held on July 22, 2009 and in accordance with Chapter XIII-A of the SEBI DIP Guidelines.
The Board approved issue of 109,53,706 Warrants with a right exercisable by the warrant holder to exchange the said warrant with one equity share of face value of Rs 10 each of the Corporation, any time before the expiry of a period of 3 years from the date of its allotment.
The Board approved issue of 20,000 Zero per cent. Secured Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs 10,00,000 each due August 2011 for cash aggregating to Rs 2,000 crores and issue of 20,000 Zero per cent. Secured Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs 10,00,000 each due August 2012 for cash aggregating to Rs 2,000 crores.
The maximum dilution that could take place in future, if all the Warrants are exchanged for equity shares of the Corporation at the said Warrant Exchange Price, would be up to 3.5% of the expanded equity share capital of the Corporation.
Axis Bank Ltd, Citi Global Markets India Pvt. Ltd, Glodman Sachs (India) Securities Pvt. Ltd, Hongkong & Shanghai Banking Corporation Ltd, JM Financial Consultants Pvt. Ltd, Kotak Mahindra Capital Company Ltd and Nomura Financial Advisory & Securities (India) Pvt. Ltd are the Book-Running Lead Managers while AZB Partners, Mumbai are the Legal Advisors to the Corporation, Amarchand & Mangaldas & Suresh A. Shroff & Co. Mumbai and Linklaters Allen & Gledhill, Singapore are the Legal Advisors to the Book-Running Lead Managers to the said transaction.
The stock was trading at Rs.2259, up by Rs.6.80 or 0.30%. The stock hit an intraday high of Rs.2274.90 and low of Rs.2210.
The total traded quantity was 60519 compared to 2 week average of 111227.
