India’s premier housing finance entity, HDFC is likely to raise $500 million via the External Commercial Borrowing (ECB) route and is awaiting the Reserve Bank of India's approval now. Country’s largest standalone housing finance company will be raising the funds before March-end 2013. The central bank has allowed ECB up to $1 billion for developers/builders in FY 2012-13 for low-cost affordable housing projects.
Recently, the company reported 16.19% rise in its net profit at Rs 1140.10 crore for third quarter ended December 31, 2012 as compared to Rs 981.25 crore for the same quarter in the previous year. Total income of the company has increased by 17.39% at Rs 5250.40 crore for quarter under review as compared to Rs 4472.51 crore for the quarter ended December 31, 2011.
