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Housing Development Finance to raise 18.96B rupees via share issuance

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Housing Development Finance to raise 18.96B rupees via share issuance

Housing Development Finance Corp. Ltd. is looking to raise 18.96 billion Indian rupees via a qualified institutional placement of shares, Financial Express reported.

The company plans to issue about 10.3 million shares at an indicative price of 1,825 rupees per share.

HDFC will use the net proceeds from the issuance to fund the growth of its subsidiaries.

Credit Suisse Securities, Kotak Mahindra Capital, Citigroup Global Markets, CLSA India, IIFL Holdings, Motilal Oswal Investment Advisors and JM Financial Institutional Securities are the book-running lead managers for the issuance.

HDFC is also exploring opportunities in the health insurance sector with its subsidiary HDFC ERGO General Insurance Co. Ltd. and is evaluating opportunities in the acquisition and resolution of stressed assets in the real estate sector, the publication reported.

As of Feb. 28, US$1 was equivalent to 65.23 Indian rupees.