Housing Development Finance Corporation Limited

Equities

500010

INE001A01036

Housing Development Finance Corp. to Sell Stake in Real-Estate Funds Unit to ADIA

April 20, 2022 at 03:48 am EDT

By Kosaku Narioka

Housing Development Finance Corp. said Wednesday that it has agreed to sell a 10% stake in a unit that manages real-estate funds to Abu Dhabi Investment Authority for 1.84 billion rupees ($24.1 million).

The Indian mortgage lender said the unit, HDFC Capital Advisors Ltd., manages an about $3 billion funding platform focused on developing affordable housing. The funds managed by HDFC Capital provide long-term financing for affordable and mid-income housing projects and will also be invested in technology companies engaged in the housing industry, it said.

The Abu Dhabi-based sovereign wealth fund is a primary investor in the funds managed by HDFC Capital, the mortgage lender said.

HDFC Capital is in discussions with global investors to raise additional funds to be invested in housing projects in order to reach its target of financing the development of 1 million affordable homes in India, the company said.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

04-20-22 0347ET

Latest news about Housing Development Finance Corporation Limited

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Company Profile

Housing Development Finance Corporation (HDFC) specializes in real estate loan. Net sales (including intragroup) break down by activity as follows: - real estate loan (45.7%): INR 66.2 billion of granted loans in 2018/19; - life insurance (39%); - non life insurance (12.3%); - asset management (2.3%); - other (0.7%).

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