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Mortgage lender HDFC Ltd has set the floor price at Rs 1,838.94 per share for its qualified institutional placement (QIP) issue that opened on Wednesday, according to a regulatory filing.

On July 30, the board of directors of HDFC had approved raising funds by way of issuance of equity shares and secured redeemable non-convertible debentures simultaneously with warrants aggregating up to a cumulative amount of Rs 14,000 crore on a QIP basis.

The committee of directors of the Corporation at its meeting held on August 5, 2020, approved and declared the opening of the issue on Wednesday, HDFC said in a regulatory filing.

The committee, it said, has approved and taken on record the floor price in respect of the issue, at Rs 1,838.94 per equity share. The Corporation may offer a discount of not more than 5 per cent of the said floor price, it added.

The country's largest mortgage lender said that the committee of directors will meet on Monday, August 10, 2020, to, among other things, consider and determine the issue price of the securities to be issued by way of issue to qualified institutional buyers (QIBs).

"The issue would comprise for an amount aggregating up to Rs 14,000 crore by way of issue of equity shares and warrants and up to Rs 9,000 crore by way of issue of secured redeemable non-convertible debentures," it said.

HDFC Ltd scrip closed at Rs 1,776.90 apiece on BSE, down 0.13 per cent from the previous close.

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Free Press Journal