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Dewan Housing Finance Corporation Ltd to raise funds through NCDs
Posted On : 2014-07-29 20:09:34( TIMEZONE : IST )
The Board of Directors of Dewan Housing Finance Corporation Ltd at its meeting held on July 24, 2014, has approved the constitution of Risk Management Committee and its terms of reference.
In view of the upgradation of DHFL's long term credit rating from AA+ to AAA, by Credit Analysis & Research Ltd. (CARE), which provides the Company with an opportunity for issuance of long term NCDs at competitive rates, and reduce its weighted average cost of borrowings, the Board has approved the Notice of the Postal Ballot for approval of members for further issuance of Non-Convertible Debentures on Private Placement basis.
The Board plans to issue Non-Convertible Secured Debentures amounting to Rs. 15,500 crore, in addition to approval of members received by way of Special Resolution, as per section 42 of the Companies Act, 2013, read with respective rules, through Postal Ballot on June 12, 2014 for issuance of Non-Convertible Secured Debentures on Private Placement basis amounting to Rs. 4,500 crore.
The Board proposales to issue Non-Convertible Subordinated Unsecured Debentures, amounting to Rs. 500 crore, in addition to approval of members received by way of Special Resolution, as per section 42 of the Companies Act, 2013, read with respective rules, through Postal Ballot on June 12, 2014 for issuance of Non-Convertible Subordinated Unsecured Debentures on Private Placement basis amounting to Rs. 500 crore.
The Board also is considering an issue of Non-Convertible Perpetual Unsecured Debentures, amounting to Rs. 300 crore, in addition to approval of members received, as per section 42 of the Companies Act, 2013, read with respective rules, through Postal Ballot on June 12, 2014 for issuance of Non-Convertible Perpetual Unsecured Debentures on Private Placement basis amounting to Rs. 200 crore.
Shares of DEWAN HOUSING FINANCE CORPORATION LTD. was last trading in BSE at Rs.362.35 as compared to the previous close of Rs. 360.9. The total number of shares traded during the day was 53987 in over 3763 trades.
The stock hit an intraday high of Rs. 365.9 and intraday low of 351.6. The net turnover during the day was Rs. 19407979.
