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Home / India News / 2007 / May / May 25, 2007
Housing Development Finance Corporation Welcomes an INR 26.38 Billion (Approximately US$650 Million) Investment from The Carlyle Group
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Housing Development Finance Corporation Welcomes an INR 26.38 Billion (Approximately US$650 Million) Investment from The Carlyle Group

Mumbai, Maharashtra, India

Housing Development Finance Corporation Limited (HDFC), India's leading housing finance company, announced today that global private equity firm The Carlyle Group ('Carlyle') will purchase 15.25 million new shares in HDFC through a preferential allotment at INR 1,730 per share. Upon the close of the transaction, Carlyle will own a 5.6% stake in HDFC.

The investment will be made by Carlyle Asia Partners (CAP), which manages over US$2.5 billion and makes large sized investments across non-Japan Asia. The proceeds will support HDFC's continued investment in banking, life insurance and mortgage businesses. The transaction is subject to shareholder approval and is expected to close in July this year.

Mr. Deepak Parekh, Chairman of HDFC, said, "We are delighted to invite Carlyle as a key shareholder. Carlyle's approach to investments is long-term and partnership oriented. We value that orientation."

Mr. Rajeev Gupta, Managing Director of Carlyle in India, said, "HDFC is one of the best managed Indian companies. Carlyle, which has made a number of successful investments in financial institutions, is honored to be a shareholder in this remarkable Indian Institution".

Carlyle was advised by investment bank DSP Merrill Lynch.

About The Carlyle Group

The Carlyle Group is a global private equity firm with ~US$60 billion under management. Carlyle invests in buyouts, venture & growth capital, real estate and leveraged finance in Asia, Europe and North America, focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, financial services, healthcare, industrial, technology & business services and telecommunications & media. Since 1987, the firm has invested in 636 transactions for a total purchase price of US$132 billion. The Carlyle Group employs more than 815 people in 18 countries. In the aggregate, Carlyle portfolio companies have more than US$87 billion in revenue and employ more than 286,000 people around the world. www.carlyle.com

About Housing Development Finance Corporation Limited:

HDFC was promoted in October 1977 as a public limited company specialising in providing housing finance primarily to individual households and corporates for the purchase and construction of residential housing. HDFC is India's first retail housing finance company and is currently one of the largest originators of housing loans in the country.

As at March 31, 2007, HDFC's cumulative loan approvals stood at INR 1,458 billion, in respect of over 3 million housing units. HDFC has an existing client base of 1 million borrowers, 91,000 shareholders, 1 million depositors and 50,000 deposit agents.

Over the years, the HDFC group has emerged as a strong financial conglomerate in the Indian capital markets with a presence in banking, life and general insurance, asset management, venture capital and IT enabled services. HDFC's key associate and subsidiary companies include HDFC Bank Limited, HDFC Standard Life Insurance Company Limited, HDFC Chubb General Insurance Company Limited, HDFC Asset Management Company Limited, HDFC Venture Capital Limited and Intelenet Global Services Private Limited.

maheshs@hdfcindia.com

Source: Housing Development Finance Corporation Limited (Business Wire India)

Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.

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