In an interview to CNBC-TV18, Keki Mistry, VC & CEO of HDFC spoke at length about fund raising.
"The Committee of Directors of the Corporation at its meeting held today approved the issue of equity shares up to an aggregate amount not exceeding Rs13,000 crore through a combination of a Preferential Allotment and Qualified Institutions Placement, subject to shareholders' approval through postal ballot", HDFC said in a statement.
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HDFC said a GIC affiliate will buy about 30.1 million shares while a KKR affiliate will purchase nearly 9.3 million shares. HDFC board also approved raising Rs1,896 crore through a Qualified Institutions Placement (QIP) which will be completed within 12 months.
A committee of directors of the mortgage lender on Saturday approved selling 64.3 million shares at Rs 1726.05 a piece to the investors, according to a stock exchange filing.
The lender will issue 6.4 crore equity shares at a price of ₹1,726.05 per share on a preferential allotment basis to these investors.
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The institutional investors in our partner's database now possess: 275.60 million shares, up from 274.21 million shares in 2017Q2. Comparing the number of shares sold short to the float is a method analysts often use to get a reading on investor sentiment.
Ltd plans to raise about Rs 11,000 crore ($1.75 billion) from a preferential share sale to investors including affiliates of Singapore state investor GIC and private equity KKR & Co. LP. Besides, it is also considering expanding into Health Insurance in a big way through HDFC Ergo General Insurance Company.
Of the funds to be raised, Rs 8,500 crore will go towards subscribing to the preferential allotment of its banking arm HDFC Bank.
In the statement, HDFC said it would also need capital to sponsor funds it has set up to invest in the equity and mezzanine debt of affordable housing projects, support capital requirements of its subsidiary companies as and when required and "capitalise on organic and inorganic growth opportunities in the affordable housing finance space".
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Market worth or Market capitalization is calculated by multiplying the price of a stock by its total number of outstanding shares. The investor is now holding $7.1 million shares due in part to a decrease of 4.22 million new shares in their portfolio.