Capital raising committee of HDFC Life to meet on Jul 23 for proposed Rs 600-cr fundraising plan

The capital raising committee of HDFC Life Insurance Company will meet on Thursday to consider raising funds up to Rs 600 crore through issuance of debentures.

In a regulatory filing, HDFC Life Insurance Company has said that a meeting of the HDFC Life I (CRC) of the board of directors of the company is scheduled to be held on July 23 to approve the said borrowing plan.

The CRC meeting, it said, will consider and approve the proposed issuance of up to 6,000 unsecured, rated, listed, subordinated, redeemable, non-convertible fully paid-up debentures of the aggregate nominal value of up to Rs 600 crore, the filing said.

The private sector life insurer said it will raise the money in one or more tranches, on private placement basis, subject to regulatory and other approvals.

The company had got an in-principle approval from the board in April this year for this fundraising plan.

HDFC Life Insurance Company is scheduled to declare its earnings for first quarter of this fiscal year 2020-21 later in the day.

Shares of the company were trading at Rs 614.30 apiece on BSE, down 0.46 per cent from its previous close.