HDFC plans to raise Rs 35,000 cr via NCDs

Housing Development Finance Corporation (HDFC) today said it will raise Rs 35,000 crore through private placement.

In a regulatory filing, HDFC said the board of directors has granted its approval for issuance of secured redeemable non-convertible debentures (NCDs) aggregating Rs 35,000 crore on a private placement basis under a Shelf Disclosure Document.

The country's largest mortgage lender, HDFC, today reported a 26.86 percent increase in consolidated net profit at Rs 2,796.92 crore, helped by receipts from stake sale in its general insurance arm.

Its consolidated net profit during the April-June quarter of the previous fiscal stood at Rs 2,204.29 crore.

HDFC's income from operations rose to Rs 8,311.24 crore for the quarter ended June 2016, up 7.44 per cent, as against Rs 7,735.52 crore a year before.

During the quarter, it sold 12.33 crore shares in HDFC Ergo General Insurance to Ergo International Ag, resulting in pre-tax gain of Rs 871.35 crore.

The scrip closed 1.48 per cent up at Rs 1,387.80 on BSE.