HDFC’s QIP Opens, To Decide Issue Price On March 5

India’s largest mortgage lender Housing Development Finance Corporation Ltd.’s qualified institutional placement, part of its Rs 13,000-crore plan to mop up funds to invest in its banking and other subsidiaries, opened today.

The floor price for the qualified institutional placement has been set at Rs 1,824.63 apiece, HDFC said in an exchange filing post market hours. The committee of directors will “consider and determine” the issue price on March 5, the company added.

BloombergQuint had reported on Feb. 26 that HDFC is looking to raise nearly Rs 1,900 crore by selling shares near the current market price. Shares of the mortgage lender fell 0.8 percent to close at Rs 1,828.6 apiece on Tuesday session.

In January, HDFC had raised Rs 11,000 crore through a mix of preferential and warrant issues from a clutch of investors including private equity firm KKR, Singapore government’s sovereign fund GIC, and Azim Premji’s family office PremjiInvest.

Also Read: HDFC Profit Surges Threefold In Q3 On One-Time Gain

(Corrects an earlier version that misstated that the QIP will open on March 5)