Mortgage lender HDFC has raised about Rs 10,000 crore through mix of warrants and non-convertible debentures to qualified institutional investors. HDFC has alloted 3.65 crore warrants at an issue price of Rs 14 apiece, at an exercise price of Rs 1,475 per share. With the issuance of the warrants, HDFC has raised Rs 5,384 crore. Besides, it has raised Rs 5,000 crore through issuance of non-convertible debentures (NCDs).
HDFC Bank
- HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. Incorporated in 1994, it is the fifth largest bank in India as measured by assets
- The bank was promoted by the Housing Development Finance Corporation, a premier housing finance company (set up in 1977) of India.
- According to the Brand Trust Report 2014, HDFC was ranked 32nd among India’s most trusted brands.
- HDFC was ranked 45th on the list of top 50 Banks in the world in terms of their market capitalization.
What is Operation Red Spider?
On March 2013 an online magazine named Cobrapost.com released video footage from Operation Red Spider showing high-ranking officials and some employees of HDFC bank and two other leading banks, willing to turn black money into white, a violation of Money Laundering Control Act.
RBI investigations revealed violations of KYC (Know Your Customer) norms, for which the three banks were imposed penalty, with Rs. 4.5 crores imposed on HDFC.
