HDFC Life Insurance to finalise terms for Rs 2,000-crore debt issuance
The Capital Raising Committee will determine the final terms and conditions for the debt issuance during the upcoming meeting.
HDFC Life Insurance Company Ltd stated that its Capital Raising Committee (CRC) will convene on September 27, 2024, to finalize the commercial terms for the issuance of subordinated debt instruments.
"...we wish to inform that according to the in?principle approval of the Board as mentioned above, a meeting of the CRC is scheduled to be held on Friday, September 27, 2024, inter?alia, to approve the commercial terms for the proposed issuance of unsecured, rated, listed, redeemable, fully paid?up, non?cumulative, subordinated, non?convertible debentures on a private placement basis," according to a stock exchange filing.
Read Also : NHPC Plans to Raise Rs 2,300 Cr for exceeding Initial TargetThe company previously received an in-principle approval from its board of directors to raise Rs 2,000 crore through non-convertible debentures (NCDs) on a private placement basis.
The funds will be raised in one or more tranches, subject to regulatory approvals. The issuance will consist of unsecured, rated, listed, redeemable, fully paid-up, non-cumulative, and subordinated NCDs.
The Capital Raising Committee will determine the final terms and conditions for the debt issuance during the upcoming meeting.
Read Also : NHPC invites bids to develop up to 2.4 GW of solar capacityHDFC Life's net profit rose by 15% year-on-year (YoY) to Rs 479 crore, up from Rs 417 crore in the corresponding period last year. The company’s annualized premium equivalent (APE) grew 23%.
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