HDFC to raise Rs 35,000 cr via NCDs

Mortgage lender HDFC Ltd today said it proposes to raise Rs 35,000 crore through NCDs to fund business expansion.

"The board has approved issuance of secured redeemable non-convertible debentures (NCDs) aggregating to Rs 35,000 crore on private placement basis," HDFC said in a regulatory filing on stock exchanges.

Shareholders had already given approval for this in its meeting held on July 27 last year, it said.

Besides, the board has also cleared proposal to increase the authorised share capital from Rs 340 crore consisting of 170 shares to Rs 350 crore consisting of 175 crore shares of Rs 2 each.