The Hindu Business Line : HDFC seeks to raise borrowing limit

New Delhi, June 26 Home financing major Housing Development Finance Corporation Ltd (HDFC) will seek shareholders’ nod on July 16 to hike overall borrowing limit of its Board.

Growth in business in recent years has prompted HDFC to go in for an increase in its borrowing limit to Rs 1,50,000 crore, from the current limit of Rs 1,00,000 crore, sources said.

An enabling resolution to this effect would be moved for shareholders’ approval at its forthcoming annual general meeting (AGM) on July 16. As on March 31, HDFC’s total borrowings stood at Rs 69,314.64 crore.

HDFC’s loan approvals during 2007-08 were Rs 42,520 crore, representing a 26 per cent increase over approvals of Rs 33,332 crore in the previous year.

Loan disbursements were Rs 32,875 crore (Rs 26,178 crore).

Meanwhile, the company will also seek, at its forthcoming AGM, shareholders’ nod for grant of stock options to its employees and directors.

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