HDFC’s board on Monday granted its approval to a huge borrowing programme, entailing the issue of secured redeemable non-convertible debentures (NCD) aggregating Rs 35,000 crore and raising external commercial borrowings (ECB) up to $1.5 billion.
The NCD issuance on a private placement basis will be in terms of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008.
ECBs
The housing finance major, in a stock exchange statement, said it will raise ECBs up to $1.5 billion equivalent from financial institutions, banks, multilateral financial agencies, mutual funds, body corporates, firms, association of persons or such other entities, subject to approval of the Reserve Bank of India.
HDFC further said with a view to further refresh the board of directors of the corporation in a phased manner and prior personal commitments, B. S. Mehta and Bimal Jalan, independent directors of the corporation, resigned from the board with effect from the conclusion of the aforesaid meeting July 30, 2018.