Mumbai: Housing Development Finance Corporation (HDFC) has decided to mobilize Rs 4,000 crore ($1 billion) debt to finance its stake purchase in HDFC Bank. The debt will be raised over a timeframe of 18 months.
Of late, HDFC Bank announced the acquisition of Centurion Bank of Punjab in an all-stock deal. Subsequently, HDFC Bank announced a private placement of equity to HDFC to enable the mortgage lender to maintain its stake at the current level of 23.3 per cent. This entails an investment of almost $1 billion by HDFC.
Of late, HDFC Bank announced the acquisition of Centurion Bank of Punjab in an all-stock deal. Subsequently, HDFC Bank announced a private placement of equity to HDFC to enable the mortgage lender to maintain its stake at the current level of 23.3 per cent. This entails an investment of almost $1 billion by HDFC.
