Comments
The board of Housing Development and Finance Corporation (HDFC) on Monday approved raising ₹57,000 crore through the issue of unsecured, redeemable, non-convertible debentures on a private placement basis, in various tranches.
It also approved increasing the overall borrowing powers of the company to ₹6.5-lakh crore from ₹6-lakh crore, outstanding at any point of time. The same is subject to shareholders’ approval via postal ballot.
“The said decision was taken since the outstanding borrowings of the Corporation as on date is approximately ₹5.7-lakh crore and the Corporation would need to borrow further for its business purposes till the effective date of merger,” it notified the exchanges.
ESOP scheme 2020
Separately, the Nomination and Remuneration Committee of HDFC, on Monday, approved granting 10,000 equity shares of ₹2 each to eligible employees under the Employee Stock Options Scheme 2020.
“Each option upon exercise would be entitled for allotment of one equity share of ₹2 each of the Corporation at an exercise price of ₹2,559.90 per equity share,” HDFC said.
The exercise price is as per the latest available closing price of the shares of HDFC on the National Stock Exchange on March 24, 2023.
The options can be exercised within a period of five years from the respective dates of vesting, it said. Half of the options granted shall vest upon completion of three years of continuous service, and the remaining 50 per cent on completion of one year thereafter, it added.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.