TIDM60CX
RNS Number : 6368E
Housing Development Fin. Corp. Ltd.
30 June 2023
Ref. No.: SE/2023-24/133
June 30, 2023
BSE Limited National Stock Exchange of India Limited
P. J. Towers, Exchange Plaza, Plot No. C/1,
Dalal Street, Bandra-Kurla Complex, Bandra (East),
Mumbai 400 001 Mumbai 400 051
Kind Attn: Sr. General Manager Kind Attn: Head - Listing
DCS - Listing Department
Dear Sirs,
Sub: Updates
We refer to our intimation made earlier today, wherein we had
informed that the board of directors of the Corporation at its
meeting held today inter alia noted Saturday, July 1, 2023 to be
the effective date of the Scheme of Amalgamation of the Corporation
with and into HDFC Bank Limited (HDFC Bank) and accordingly, the
Corporation would be dissolved without being wound up with effect
from July 1, 2023.
Further, we would like to intimate the following updates:
In order to facilitate the merging of the financials of the
Corporation with HDFC Bank, the Corporation had closed its books of
accounts a few days prior to the quarter ended June 30, 2023 and
accordingly some of the numbers may not be directly comparable with
that of the previous year. Kindly note that the figures for the
quarter ended June 30, 2023 are provisional and may be subject to
change.
Further, the Corporation's financials shall be converted from
Indian Accounting Standards (Ind-AS) to Indian General Accounting
Principles (IGAAP) under the merged entity.
Given below are some brief highlights for the quarter ended June
30, 2023:
Lending Operations
-- The demand for home loans continues to remain strong. Of the
individual loans disbursed during the quarter:
-- 77% were salaried customers and 23% were self-employed;
-- Housing loans constituted 93% of individual loans disbursed.
-- During the quarter, the break-up of the individual loans
sourced was: HDFC Sales Private Limited: 47%, HDFC Bank Limited:
36%, third-party direct selling agents: 15% and direct walk-ins:
2%.
-- The average size of individual home loans during the quarter
ended June 30, 2023 stood at ` 40.6 lac (FY23: ` 36.2 lac).
-- As at June 30, 2023, individual loans under management grew by 15% over the previous year.
-- The non-individual loan book de-grew over the previous year.
This was on account of scheduled repayments of earlier facilities,
resolutions and a run down on exposures to ensure compliance with
banking norms.
-- The total loan book on an Assets Under Management (AUM) basis
grew by 9% over the previous year.
-- The break-up of the total loan book on an Assets Under
Management (AUM) basis is: individual loans: 84%, construction
finance: 7%, lease rental discounting: 5% and corporate loans:
4%.
-- Loans outstanding that qualify as priority sector loans under
banking norms stood at approximately ` 1.1 lac crore.
Loans Assigned
-- During the quarter ended June 30, 2023, pursuant to the
buyback option embedded in the home loan arrangement between the
Corporation and HDFC Bank, the Corporation assigned loans to HDFC
Bank amounting to 11,632 crore compared to 9,533 crore in the
corresponding quarter of the previous year.
-- Loans sold in the preceding 12 months amounted to ` 39,009 crore (PY: ` 32,499 crore).
Investments
-- All investments in the Corporation's subsidiary and associate
companies are carried at cost and not at fair value. The
unaccounted gains on listed investments in subsidiary and associate
companies as at June 30, 2023 amounted to 2,74,512 crore.
-- The respective board of directors of HDFC Investments Limited
and HDFC Holdings Limited at their meetings held today inter alia
noted Saturday, July 1, 2023 to be the effective date of the Scheme
of Amalgamation of HDFC Investments Limited and HDFC Holdings
Limited with and into the Corporation. HDFC Investments Limited and
HDFC Holdings Limited would be dissolved without being wound up
with effect from July 1, 2023.
-- The Corporation's shareholding of 116,46,25,834 equity shares
in HDFC Bank shall be extinguished post the record date for equity
shares.
Financials
-- During the quarter ended June 30, 2023, the loss on sale of investments was ` 9 crore.
-- Gross income from dividend for the quarter ended June 30, 2023 was ` 595 crore (PY: ` 687 crore) .
Liquidity and Borrowings
-- In light of the requirements to meet the Cash Reserve Ratio
and Statutory Liquidity Ratio, the Corporation has in a calibrated
manner been increasing its liquidity buffers. The Corporation is
currently carrying liquidity of approximately ` 1,17,400 crore, of
which government securities and treasury bills comprise ` 1,12,400
crore.
-- The Corporation's average Liquidity Coverage Ratio (LCR)
during the quarter ended June 30, 2023 was 192%. The LCR is more
than adequate to meet banking norms.
-- Total borrowings of Corporation grew by 22% over the previous year.
-- The break-up of the Corporation's borrowings is: term loans:
22%; external commercial borrowings: 5%; debentures &
securities: 49% and deposits: 24%.
Shareholding & Warrants
-- Total number of outstanding shares as at June 30, 2023: 1,85,14,26,483
-- Latest available shareholding pattern:
Category Shareholding (%)
Foreign Shareholders 64
-----------------
Individuals 10
-----------------
Mutual Funds 15
-----------------
Financial Institutions, Banks and Insurance
Companies 8
-----------------
Companies 3
-----------------
Total 100
-----------------
-- Out of 1,70,57,400 warrants issued, as of date, 22,99,800
warrants, representing 13.5% of the warrants have been converted
into equity shares. The last date for conversion of the warrants is
August 10, 2023. The number of equity shares of HDFC Bank that the
warrant holders shall be entitled to upon exercise of such warrants
shall be on the basis of the Share Exchange Ratio.
-- The record date is Thursday, July 13, 2023 to determine
shareholders of the Corporation who shall be allotted shares of
HDFC Bank and continuation of warrants of the Corporation in the
name of HDFC Bank.
Subsidiaries & Associate Companies
-- The Corporation's shareholding in key subsidiary and associate companies is as under:
Company Shareholding (%)
HDFC Bank Limited 20.83
-----------------
HDFC Life Insurance Company Limited 50.40
-----------------
HDFC Asset Management Company Limited 52.55
-----------------
HDFC ERGO General Insurance Company Limited 50.50
-----------------
HDFC Capital Advisors Limited 89.00
-----------------
HDFC Credila Financial Services Limited* 100.00
-----------------
HDFC Sales Private Limited 100.00
-----------------
*Proposed divestment of 90% stake announced in June 2023
Note: The Corporation has sold its entire shareholding in its
erstwhile wholly-owned subsidiaries, HDFC Property Ventures
Limited, HDFC Venture Capital Limited and HDFC Ventures Trustee
Company Limited. Accordingly, these companies have ceased to be
subsidiaries of the Corporation.
Miscellaneous
-- Total number of employees: 4,149
-- Total number of offices: 758 (including 206 offices of HDFC Sales Private Limited)
To reiterate, some of these numbers are provisional and may be
subject to change.
We request you to bring the above to the notice of all
concerned.
Thank you,
Yours faithfully,
For Housing Development Finance Corporation Limited
Ajay Agarwal
Company Secretary
CC: London Stock Exchange
10, Paternoster Square, London, EC4M 7LS
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