HDFC reopens QIP market with $291m capital increase

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By John Loh
01 Mar 2018

Equity investors threw their support behind Housing Development Finance Corp’s Rp19bn ($291.3m) fundraising this week, as the mortgage lender steered clear of a scandal that has engulfed India’s state-owned banks. It showed that the qualified institutional placement market is still open for the right names, writes John Loh.

A syndicate of seven banks launched the overnight bookbuild on Tuesday against a less-than positive backdrop for India’s banking sector. The country continues to reel from an alleged $1.8bn fraud involving Punjab National Bank, in a case linked to Nirav Modi, jeweller to the stars, who ...

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