The company said the committee of directors approved the plan in a meeting and an approval of members of the corporation via postal ballots will be taken in due course.
“The said funds are being raised to augment the long-term resources of the corporation, to finance organic and/or inorganic opportunities that may arise in financial services including housing finance and/or in area where its subsidiaries operate, to maintain sufficient liquidity and for generating corporate purposes of the corporation,” HDFC said in an exchange filing.
The company had informed about its plan to raise funds on Tuesday but had not disclosed the amount.
Ahead of the announcement, HDFC shares closed 0.87 per cent lower at Rs 1,839.10 on the BSE, while benchmark Sensex rose 1.53 per cent to close at 34,732.
HDFC reported a 21.97 per cent year-on-year (YoY) fall in net profit at Rs 2,233 crore for the March quarter. Profit fell as dividend income received during the quarter was mere Rs 2 crore compared with Rs 537 crore in the same quarter last year.
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