December 19, 2017 / 11:52 AM / in 2 months

Indian mortgage lender HDFC unveils $2 bln fundraising plan

MUMBAI, Dec 19 (Reuters) - India’s Housing Development Finance Corp said on Tuesday it would raise as much as 130 billion rupees ($2.03 billion) by selling shares or compulsorily convertible bonds, mainly to subscribe to a preferential issue by HDFC Bank Ltd.

HDFC, which along with its units owns about 21 percent of HDFC bank, said it would buy shares worth up to 85 billion rupees in the bank’s preferential offer.

HDFC’s board approved the fundraising plan earlier on Tuesday. ($1 = 64.0250 Indian rupees) (Reporting by Devidutta Tripathy and Abhirup Roy; Editing by Biju Dwarakanath)

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