HDFC to issue ADRs

The Board of Directors of Housing Development Finance Corporation Ltd at its meeting held on October 26, 2015, has granted in-principle approval for establishment of a Sponsored Level 1 ADR programme in respect of up to 10% of the issued and paid-up share capital of the Corporation, pursuant to the Depository Receipts Scheme, 2014, subject to requisite guidelines to be issued by SEBI. The said programme envisages conversion of existing equity shares of the Corporation into ADRs and does not in any way entail any issue of additional shares of the Corporation.

The Board granted in-principle approval for issue of Rupee denominated Bonds Overseas up to USD 750 million, in accordance with the circular dated September 29, 2015 issued by Reserve Bank of India on External Commercial Borrowings (ECB) Policy - Issuance of Rupee denominated bonds overseas.

The Board also approved the re-appointment of Mr. Keki M. Mistry as the Managing Director (designated as Vice-Chairman & Chief Executive Officer) of the Corporation, subject to approval of the shareholders of the Corporation.

As per the provisions of the SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window for dealing in Securities of the Corporation by its Employees / Directors will open from October 29, 2015.

Shares of HOUSING DEVELOPMENT FINANCE CORP.LTD. was last trading in BSE at Rs.1275.15 as compared to the previous close of Rs. 1312.85. The total number of shares traded during the day was 305134 in over 5266 trades.

The stock hit an intraday high of Rs. 1308 and intraday low of 1272.1. The net turnover during the day was Rs. 392507171.

Source : Equity Bulls

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