HDFC posts Rs.1,520 crore profit, to raise Rs.450 crore

Chennai, Jan 27 (IANS) Housing Development Finance Corporation Ltd. (HDFC) on Wednesday said it closed the third quarter with higher profit and would raise Rs.450 crore from private placement of secured redeemable non-convertible debentures.

In regulatory filing in the BSE, the company said it has posted a net profit of Rs.1,520.51 crore for the quarter ended December 31, 2015 as compared to Rs.1,425.49 crore for the quarter ended December 31, 2014.
The company’s total income has increased from Rs.6,882.52 crore for the quarter ended December 31, 2014 to Rs.7,327.69 crore for the quarter ended December 31, 2015.
In a regulatory filing of the term sheet for the issue of redeemable non-convertible debentures Series O-012 HDFC said the mode of raising the Rs.450 crore is through private placement mainly to augment the long term resources.
The company said the issue proceeds would be used for financing and refinancing its housing finance business.
The debentures carrying a coupon rate of 8.60 percent will have a tenure of three years and one month.
The issue opens and closes on January 28, 2016.
HDFC also said that pursuant to the approval of the shareholders at the annual general meeting held on July 28, 2015, the Board at its meeting on January 27, 2016, also granted its approval for issuance of secured redeemable non-convertible debentures (NCD) aggregating to Rs.35,000 crore on a private placement basis under a Shelf Disclosure Document in terms of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008.