Housing Development Finance Corporation (HDFC) is all set to raise $500 million through external commercial borrowing (ECB) for which it had received approval from the Reserve Bank of India (RBI); the company has also appointed arrangers. The mandate has been bagged by investment bankers which include Bank of America Merrill Lynch, Citibank and State Bank of India.
Simultaneously, the company is also planning to raise Rs 5,000 crore by secured redeemable non-convertible debentures and warrants. The lender will seek its shareholders’ approval for these fund-raising plans at the annual general meeting scheduled later this month.
HDFC offers a whole gamut of products like loans to individuals, loans to corporates, construction finance, and lease rental discounting. The financial conglomerate has subsidiaries and associates in insurance (general and life), asset management, education finance, venture funds and banking services.
