22.4 C
New York
Friday, July 3, 2020

HDFC all set to raise Rs 14,000 crore to renew liquidity and expand business – The Indian

HDFC said it has made provisions of Rs 10,988 crore as of March 31. This is Rs 6,800 crore over and above the regulatory requirement.
Continue reading on The Indian Wire


India’s largest private sector mortgage financier Housing Development Finance Corporation (HDFC Ltd) is all geared up to join fellow competitors like Reliance Industries, Bharat Airtel and Kotak Mahindra Bank and raise capital to build up its financials.

A committee of directors of the firm today gave a green signal for a huge fund raising exercise of up to Rs 14,000 crore in one or more portions through an amalgamation of financial instruments.

The HDFC statement further added that the said funds are being raised to increase its long term resources , finance organic & inorganic business occasions that may come to light in financial services including housing finance and /or in areas where its subsidiaries operate, and to maintain sufficient liquidity and for general corporate purposes.

Also, in the midst of all this, the company outlined a standalone profit of Rs 2,232.5 crore for the quarter ended March 2020, diminishing 22 percent due to higher provisions related to coronavirus and high base last year. Provisions (expected credit loss) increased notably to Rs 1,274 crore for the quarter ended March 2020 which consisted the impact of COVID-19, against Rs 398 crore in March quarter 2019.

- Advertisment -

Most Popular

‘The First Time’ With Actor Okieriete Onaodowan

Music, Film, TV and Political News Coverage.

Bassnectar to Take Step Back From Career Amid Sexual Abuse Allegations

Bassnectar took to social media to announce that he's taking a step back from his career and distancing himself from Be Interactive.

‘The Outpost’ Review: War is hell, even for heroes

Telling the story of the Battle of Kamdesh, Rod Lurie's 'The Outpost' is stressful but solid Fourth of July viewing.

Howard University Calls Off 2020 Homecoming Due to Coronavirus

Howard University announced Thursday that it will not be holding an in-person homecoming celebration this year due to the ongoing coronavirus pandemic.

Recent Comments

%d bloggers like this: