MUMBAI: India’s leading mortgage lender HDFC Ltd. plans to raise up to ₹8,000 crore to augment capital adequacy and prepare the company for future uncertainties in the wake of covid-19 pandemic and the resultant nationwide lockdown.
The plans are yet to be formalised, though HDFC has initiated discussions with various investment banks on whether to raise funds via a qualified institutional placement, issuance of warrants or a rights issue.
Four people aware of the lender’s plans confirmed this. "Better to be overcapitalised in these difficult times. Profits are not going to come fast.
Accretion to net worth will be slow. Some are doing rights issue, QIP, convertibles. All kinds of options are available…. We are not sure what we will do.