HDFC hikes FII cap to 100%

The board of directors of Housing Development Finance Corporation, on Friday, approved the increase of foreign institutional investors' holding to 100 per cent from the current 74 per cent. Conversion of warrants issued to FIIs may result in increasing their stake in HDFC. FIIs holding currently stands at 66.7 per cent after they bought the entire 9.87 per cent stake of Citigroup, which it invested through FDI route. The warrants issued by HDFC in August 2009, representing about 3.57 per cent of the diluted equity share capital, are due for conversion on August 24.