HDFC - Outcome of board meeting:
I thought it was only about raising funds for investing in HDFC Bank fund raising activities to maintain its own stake. But the outcome of board meeting mentions few additional objectives for raising funds upto 13000 Crores (of which, 8500 crores for subscribing to HDFC bank QIP / Preferential allotment).
Of the additional 3 objectives, the last one looks interesting -
"While the corporation has adequate resources to fund its current mortgage operations, there could arise opportunities for organic and inorganic growth in the affordable housing space which may require additional capital"
Reason why it looks interesting:
Canara bank is working towards selling its stake in Canfin Homes, which is in affordable housing area. It has a clean book and good growth and profit margins, which may present itself as an attractive option for HDFC (should it look for inorganic growth). Also Canfin Homes was initially sponsored by Canara bank in association with few more entities, which includes HDFC itself - in 1987 of course)
Would be really good if HDFC buys the stake from Canara bank…!!!