Monday 13 January 2014

HDFC surges on plan to mop-up $300 million via ECB

Housing Development Finance Corporation (HDFC) is currently trading at Rs. 809.80, up by 9.80 points or 1.22 % from its previous closing of Rs. 800.00 on the BSE.

The scrip opened at Rs. 805.00 and has touched a high and low of Rs. 809.80 and Rs. 800.30 respectively. So far 3736 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 931.00 on 30-May-2013 and a 52 week low of Rs. 632.20 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 806.60 and Rs. 785.65 respectively. The current market cap of the company is Rs. 124739.88 crore.

The promoters holding in the company stood at NA % while Institutions and Non-Institutions held 87.13 % and 12.87 % respectively.

HDFC is planning to raise $300 million through external commercial borrowing (ECB) to fund its expansion. The company has not yet decided whether the raising of funds will happen this fiscal or the next one.

The Housing Finance firm is raising the money under the $1 billion ECB window for housing finance companies that the Reserve Bank allowed for funding affordable housing projects.

Last month, the company slashed interest rates by 0.25% on home loans. The new rates for HDFC home loans of up to Rs 75 lakh have come down to 10.25%, from 10.50%.

HDFC Bank is one of India's premier banks providing a wide range of financial products and services to its 28.5 million customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.

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