HDFC Bank

Housing Development Finance Corporation (HDFC) plans to raise up to Rs 10,000 crore, which includes Rs 5,000 crore in greenshoe through bonds maturing in 10-year, a person close to development said. The bidding for the bonds will take place on September 5 on the BSE's bidding platform. "We have a fixed coupon rate of 7.80 per cent on our proposed bond issue," the person cited above said.

"Commission approves proposed combination involving amalgamation of HDFC Limited, HDFC Bank, HDFC Investments and HDFC Holdings," CCI said in a tweet on the microblogging platform Twitter on Friday. Whenever a deals over certain limit has been struck in the marketplace then it needs an approval from the regulator to keep a tab on unfair business practices.

The hike in rate by the mortgage lender came before the Reserve Bank of India's (RBI) monetary policy meeting, which is to be held between August 3 and August 5. "HDFC increases its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 25 basis points, with effect from August 1, 2022," the exchange filing said.

According to the company, it had posted an after tax profit of Rs 3,669 crore for the period ended June 30, 2022 up from Rs 3,001 crore logged during the previous year's corresponding period. The company said its average size of individual loans stood at Rs 35.7 lakh compared to Rs 33.1 lakh in FY22. As on June 30, 2022, the assets under management (AUM) stood at Rs 671,364 crore as against Rs 574,136 crore in the previous year.

According to HDFC Bank, its net profit for the period under review grew to Rs 9,196 crore from about Rs 7,729 crore earned during the first quarter ended June 30, 2021. For the quarter ended June 30, 2022, the bank had earned a total income of Rs 41,560 crore, up from about Rs 36,771 crore earned during the corresponding period the previous year.

The new rate will come into effect from June 10, it said on Thursday. Effectively, now home loan rates of the lender would start from 7.55 per cent. The rate revision by the lender comes a day after the Reserve Bank of India raised the key lending rates or repo rate by 50 basis points to tame high inflation, which essentially meant the cost of borrowings were going to rise.

The revision would come into effect from Wednesday itself. The upward revision in rates will essentially lead to an increase in EMIs for borrowers. The hike in rates came close on the heels of central bank RBI's recent hike in repo rate by 40 basis points, besides giving indications it would raise rates further in the upcoming monetary policy review meets.

It would lead to an identical hike in home loan rates for exiting customers. The hike will come into effect from May 9. It had recently increased its benchmark lending rate by 5 basis points This move comes at a time when the RBI hiked the policy rate and CRR to check prevailing high inflation and likelihood of further hike.

Accordingly, the housing loan major entered into binding agreements to sell 10 per cent of its fully diluted paid-up share capital of HDFC Capital to ADIA's subsidiary for approximately Rs 184 crore. Notably, ADIA is the primary investor in the alternative investment funds managed by HDFC Capital. Set up in 2016, HDFC Capital is the investment manager to 'HDFC Capital Affordable Real Estate Funds 1, 2 & 3'; and is aligned with the Government of India's goal to increase housing supply and support the Pradhan Mantri Awas Yojana - 'Housing for All' initiative.

The shares of the two HDFC companies declined 17 per cent and 18 per cent, respectively, since the news of the merger, data showed. Housing loan major Housing Development Finance Corporation (HDFC) on April 4 said its Board had approved the merger of its wholly-owned subsidiaries HDFC Investments and HDFC Holdings with HDFC Bank.