HDFC QIP issue priced at Rs 3275

Housing Development Finance Corporation Ltd (HDFC) has announced with reference to the earlier announcement regarding Issue of Warrants simultaneously with the issue of NCDs to QIBs on a QIP basis in accordance with Chapter X1II-A of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 (SEBI DIP Guidelines), that the Book Running Lead Managers to the Issue, have informed the Corporation that the Warrants and NCDs have been priced.

The Warrants are priced at an Issue price of Rs 275 per Warrant, with a right exercisable by the warrant holder to exchange each warrant with one equity share of face value of Rs 10 each of the Corporation, any time before the expiry of a period of 3 years from the date of its allotment, at a Warrant Exercise Price of Rs 3,000 per equity share. The Issue price of Rs 275 per Warrant is neither adjustable with the Warrant Exercise Price nor refundable by the Corporation.

The 20,000 zero coupon Secured Redeemable Non-convertible Debentures of the face value of Rs. 10,00,000 each due August 2011 for cash aggregating to Rs. 2,000 crores at an annualised YTM of 7.15 per cent. per annum (equivalent to a YTM of 6.93 per cent. on a monthly compounded basis) and 20,000 zero coupon Secured Redeemable Non-convertible Debentures of the face value of Rs. 1,000,000 each due August 2012 for cash aggregating to Rs. 2,000 crores at an annualised YTM of 7.85 per cent. per annum (equivalent to a YTM of 7.58 per cent. on a monthly compounded basis).

Further the Company has informed that, the payment date for both Warrants and NCDs is fixed for August 24, 2009.

The stock closed the day at Rs.2396.35, up by Rs.39.20 or 1.66%. The stock hit an intraday high of Rs.2425 and low of Rs.2365.05.

The total traded quantity was 146035 compared to 2 week average of 141882.

Source : Equity Bulls

Keywords