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HDFC stock gains for 3rd straight day on raising capital through QIP, NCDs

Following the news update, shares of HDFC recovered from early losses and traded 0.63% higher to touch an intraday high of Rs 1,837 as against the earlier closing of Rs 1,825.35 on BSE. The highly volatile share has risen 2.93% in the last 3 days of gain

twitter-logoBusinessToday.In | August 12, 2020 | Updated 15:03 IST
HDFC stock gains for 3rd straight day on raising capital through QIP, NCDs
Earlier today, stock price of HDFC also touched intraday low of Rs 1,802.15, after opening at Rs 1,825 on BSE

Shares of country's largest mortgage lender- Housing Development Finance Corporation (HDFC) gained for third consecutive session on Wednesday after the HFC said it has raised Rs 10,000 crore equity capital by issuing shares to qualified investors, including Government of Singapore and Invesco Oppenheimer Developing Markets Fund.

HDFC said it has issued 5,68,18,181 equity shares at an issue price of Rs 1,760, aggregating to Rs 10,000 crore.

The lender said it has raised Rs 3,693 crore through an issue of non-convertible debentures. The company issued 36,930 secured redeemable non-convertible debentures of the face value of Rs 10 lakh each due on August 11, 2023, at par aggregating Rs 3,693 crore carrying a coupon rate of 5.40% payable annually.

It has also allotted 1,70,57,400 warrants at an issue price of Rs 180 per warrant, aggregating to around Rs 307 crore under the QIP issue, as per the mortgage lender's regulatory filing.

Following the news update, shares of HDFC recovered from early losses and traded 0.63% higher to touch an intraday high of Rs 1,837 as against the earlier closing of Rs 1,825.35 on BSE. The highly volatile share has risen 2.93% in the last 3 days of gain.

Earlier today, stock price of HDFC also touched intraday low of Rs 1,802.15, after opening at Rs 1,825 on BSE.

Share price of HDFC has risen 3.02% in one week.  Market cap of the large-cap stock stood at Rs 3,17,528 crore as of today's session. HDFC share price trades higher than 5, 20, 50 and 100-day but lower than 200-day moving averages.

"We wish to inform you that the committee of directors - QIP 2020 of the Corporation at its meeting held today approved the allotment of..securities to eligible qualified institutional buyers pursuant to the issue," HDFC said in a regulatory filing.

Last week, the Housing Finance Company announced raising more than Rs 14,000 crore through a qualified institutional placement (QIP) issue of equity shares, warrants and bonds.

As per media reports, a clutch of private banks and foreign portfolio investors including Axis Bank, ICICI Bank, Kotak Mahindra Bank, and Morgan Stanley have invested in these non-convertible debentures.

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