History of Housing Development Finance Corporation Ltd.
1977
- On October 17th HDFC was incorporated as a Public Limited Company. HDFC was promoted by Industrial Credit & Investment Corporation of India. The Comp. got the certificated of commencement of business on 3rd December. HDFC provides housing finance in India. The corporation provides long term housing loans mainly to low & middle income individuals & corporate bodies. It has also provided a modest amount of construction finance to housing developers.
1979
- On November HDFC introduced HDFC Certificate of Deposit Scheme.
- 5,00,126 shares taken up by subscribers to Memorandum of Association. 50,000 shares reserved for International Finance Corporation, Washington & 50,000 shares issued to His Royal Highness The Aga Khan and/or Foundation Aga Khan Switzerland. 3,99,874 shares allotted at par to the public in May-June 1978.
1980
- During the year Comp. introduced Loan Linked Deposit scheme, which encourages small savers to begin a pass book Acc. with HDFC for a minimum of Rs.200 & deposit, as & when funds are available in multiples of Rs. 100. After a period of 3 years, the depositor may withdraw his accumulated deposit which has earned 9% per annum or renew it with HDFC. In either the event, the depositor become eligible for a loan up to 4 times his accumulated savings, subject to normal lending policy of Co. 1981
- During the year, HDFC negotiated for loan under Housing Guarantee Programme under US aid. During the same year Comp. launched another programme named Non-Resident Certificate Deposit Scheme.
1983
- During the year, the corporation issued bonds of face value of Rs. 5000 each for a total amount of Rs.10 crores.
1984
- During the year a second issue of bonds of Rs. 5,000 each for Rs.10 crores was floated by way of public issue of bonds in March 1986.
1985
- During the year on May Comp. launched Home Saving Plan. Under this facility, an individual can borrow for his housing needs at 8.5% per annum provided he completes certain saving requirements before hand. During the year Comp. also introduced HDFC- Cumulative Interest Scheme.
- A new agreement was entered into with USAID under which a further sum of U.S. $25 million was borrowed from the U.S. capital market in 1986-87.
1986
- During the period corporation issued, IV and Vth series of bonds for Rs.10 crores & Rs. 5 crores respectively. During the same year corporation started offering a new service called Advanced Processing Facility [APFs] under which property developers who are undertaking a residential project can finance individuals buying a dwelling unit in their project.
- 5,00,000 Rights equity shares issued at par in prop. 1:2. Subsequently, another 5,00,000 No. of equity shares were offered at par for public subscription.
1987
- During the year HDFC issued its New Corporate Bonds - Series i for Rs. 20 crores. Also VI, VII & VIII series bonds for an aggregate amount of Rs. 20 crores were issued during the year.
1988
- During the year National Housing Bank was set up as an apex body to ensure orderly growth & functioning of housing finance system in India.
- Two new facilities viz., the Telescopic Loan Plan & Short Term Bridging Loan were introduced mainly for younger borrowers.
- HDFC entered into an arrangement with the Bank of India whereby HDFC was to receive fixed rate counterpart rupee funds in lieu of US dollars deposited with Bank of India in New York.
- The Home Loans Account scheme was to be launched in co-operation with scheduled banks with effect from July 1, 1989.
- The Centre for Housing Finance unit proposed to design specific programme contents to suit different purposes & institutions.
1989
- During the year Krditanstalt Fur Wiederauflau of Germany, sactioned a line of credit of DM 25 million to fund loans disbursed by HDFC for low cost housing project directed to economically weaker section households.
- Two new types of loans namely, Home Improvement Loans [HILs] & Home Extension Loans [HELs] was launched.
1990
- During November, the Comp. issued 13,77,500 equity shares of Rs.100 each at a premium of Rs.85 per share to the public. And also 72,500 shares were reserved for employees of company. Simultaneously, the corporation offered 10,00,000 equity shares of Rs. 100 each at a premium of Rs. 75 per share to the then existing shareholders in proportion 1:2. The Comp. allotted 25,00,000 No. of equity shares [both rights & public offers].
- The Comp. negotiated a borrowing of US 100 million from IFC, Washington, in two parts - Part `A', a loan of US $40 million from IFC [Ws] directly & Part `B', a loan of US $60 million to be syndicated by IFC [Ws].
- To commemorate the beginning of second decade the HDFC, it was proposed to establish a shelter assistance fund to encourage and support activities related to shelter problems, in general & to the needs of poorer & economically weak sections in particular.
- Forfeiture on 970 No. of equity shares annulled. Issued 14,50,000 No. of equity shares [prem. Rs. 85 per shares] to the public and 10,50,000 shares [prem. Rs 75 per shares] as rights in December.
1992
- 23,62,500 No. of equity shares allotted on conversion of `B' part of FCD.
1993
- During the year, the Corporation launched a new deposit product Easy Way Savings, a unique product providing households with flexible maturity choice as well as saving profile.
- During the year, the Corporation signed a MOU with General Electric Corporation of USA, to promote a new joint venture for understanding the business of Consumer finance. HDFC & General Electric Corporation, have an equity stake of Rs. 15 crores each.
1994
- The Corporation promoted the educational loan facility to provide financial support to students pursuing higher education.
- As a joint venture in the GE capital [USAs] HDFC promoted a consumer finance Comp. in March for provision of range of financial product.
- 9,00,000 No. of equity shares of Rs 100 each allotted to ICICI and UTI on private placement basis.
- 17,86,400 No. of Equity shares of Rs 10 each issued on private placement basis. Also 50,00,000 Pref. shares were issued to domestic companies.
1995
- During the year, the Corporation undertook to set up its first Overseas branch office in Dubai.
- The Corporation was one the promoters of ILFSL along with Central Bank of India & Unit Trust of India.
- The Corporation jointly promoted with State Bank of India [SBIs] a new housing finance Comp. under the name of Housing Finance and Promotion Corporation, limited which operate in the eastern & north-eastern regions with its headquarters at Calcutta.
- A MOU was signed with Bank Papera Sejhtera, Indonesia on the broad parameters of technical assistance to be provided over a 6 months period.
- During the year, the Singapore based property management company Colliers Jardine Holdings Ltd., has entered into a joint venture with HDFC & Infrastructural Leasing & Financial Services Ltd., to introduce consultancy services in real estate. The joint venture will be named Colliers Jardine [India s] limited HDFC & IL&FS will contribute 15% each in the joint venture & the balance 70 per cent will be held by Colliers Jardine Holdings Ltd., or its nominees.
- During the year HDFC, has firmed up its plans to enter the insurance industry. The Comp. signed a joint venture agreement with the Standard Life Assurance Co. of UK, to establish an insurance Comp. in the country as soon as insurance industry is opened up for private investment. The joint venture agreement was signed on 11 October.
- During the year Comp. issued 50,00,000 - 12.5% Cumulative Redeemable Convertible Preference Shares of Rs.100 each.
1996
- During the year corporation introduced Flexi-Rate Individual Housing Loan.
- During March, HDFC launched India'a first captive auto finance company named Maruti Countrywide Auto Financial Services Ltd., with the objective of exclusively financing Maruti Vehicles in India. This is joint venture between HDFC, Maruthi Udyog and GE Capital India.
- HDFC Developers, limited & HDFC Investments limited are the wholly owned subsidiaries of Company.
1997
- 50,00,000 Cumulative Redeemable Non-convertible pref. shares redeemed during the year.
- Government of Rajasthan, Infrastructure Leasing & Finance Services and Housing Development Finance Corporation have signed a memorandum of understanding in Mumbai to set up Project Development Corporation.
- The Housing Development Finance Corporation [HDFCs], India premier housing finance institution, has stepped up its programme to mobilise deposits in Goa, by setting up an organised network of agents as part of its efforts to offer safe & attractive deposit options.
- Countrywide Consumer Financial Services [CCFSs], a joint venture between Housing Development Finance Corporation [HDFCs] & GE Capital Services, USA, proposes to raise Rs.20 crore through issue of non-convertible debentures on private placement basis.
- Housing Development Finance Corporation limited [HDFCs] has approached the Life Insurance Corporation [LICs] for a tri-partite venture along with Standard Life of Scotland, to tap the market for pension funds.
- The Housing Development Finance Corporation [HDFCs] has tied up with the Rajasthan government to set up a new company.
- Housing Development Finance Corporation [HDFCs] has received LAAA, MAAA & A1+ ratings for its bonds, fixed deposits [FDss] & short-term debt instruments respectively from ICRA.
- With a 56-per cent share, the Housing Development Finance Corporation [HDFCs] is the market leader in housing finance.
- International Finance Corporation [IFCs] is teaming up with Housing and Development Finance Corporation [HDFCs] to create a non-banking finance Comp. which will provide long-term housing mortgages to the middle income market in Bangladesh.
- While IFC & HDFC will be founding shareholders in the joint venture, they will also be joined by Bangladesh Rural Advancement Committee & the Delta Insurance Group, an insurance company, according to the 1997 annual report of IFC which was released on September 22.
- The first private sector housing finance Comp. has been established in Bangladesh with the World Bank signing a deal on behalf of International Finance Corporation [IFCs] to become an equity partner along with Housing Development Finance Corporation [HDFCs] in the recently established Delta Brac Housing Finance Comp. [DBHs] of Bangladesh.
- The Housing Development Finance Corporation limited [HDFCs] has introduced a novel loan facility, betterment fee loans to site owners in revenue layouts within the jurisdiction of Bangalore Mahanagara Palike.
1998
- The Housing Development & Finance Corporation [HDFCs] is in talks with an Asian offshore institutional investor for setting up a joint venture Comp. in anticipation of government opening up the real estate sector for foreign direct investment [FDIs].
- The Housing Development Corporation [HDFCs], one of India leading housing finance companies, floated its maiden debenture issue through the private placement route on 14th July.
1999
- HDFC will enter into a memorandum of understanding for strategic business collaboration with Chase Manhattan bank.
- Housing Development Finance Corporation [HDFCs] & Chase Manhattan have entered into an agreement where, in the event of two funds - India Private Equity Fund & Indocean Financial Holding Ltd.
2000
- The Comp. & State Bank of India would be entering into a MOU to set up a Credit Information Bureau jointly in technical & financial collaboration with Dun and Bradstreet Information Services India Pvt. limited & Trans Union International Inc. the leading providers of Business & Credit Information services.
- The Comp. has informed that, SLAC have acquired an aggregate of 10 lac equity shares from the secondary market.
- The Comp. has acquired an equity holding of 12.5 per cent in IndiaConstruction.com, a B2B construction portal promoted by the Pune-based Construction Portal Pvt. Ltd.
- HDFC tie-up with the Palmyrah Workers' Development Society [PWDSs], a Tamil Nadu-based NGO has resulted in the formation of Indian Association of savings & Credit [IASCs], an RBI-recognised NBFC.
- The Cellular Service provider Orange has tied up with Housing Development Finance Corporation to offer mobile Internet banking to its customers.
- Geojit Securities, has struck an alliance with HDFC Bank for providing a payment gateway to internet trading clients.
- The Comp. has opened an office in Kozhikode which is its third office in Kerala.
- The Comp. has introduced a home equity loan with a facility to mortgage property to secure loan for children education, medical expenses & other miscellaneous investments.
- The Comp. has acquired the entire shareholding of Hometrust Housing Finance Company, a 100 per cent subsidiary of Gujarat Ambuja Cements and has also acquired 26 per cent additional stake in Gruh Finance which was held by GACL.
- The Comp. has acquired the housing finance business of Gujarat Ambuja Cement Ltd for a total consideration of Rs. 60 crores.
- The Housing Development Finance Corporation & Tata Consultancy Services signed a memorandum of understanding to set up a 50:50 joint venture to offer IT-enabled services overseas.
- Crisil has reaffirmed the AAA rating assigned to the company Rs 1,195-crore bond programme. It has also reaffirmed the FAA rating given to the corporation fixed deposit programme & the P1+ rating assigned to the short-term debt plan.
- The Comp. proposes to capitalise on the huge real estate requirement of MNCs as the latter propose to set up retail chains across the country.
- HDFC has acquired two crore shares in Lafarge India representing face value of Rs. 20 crore.
- HDFC asset management Comp. is to formally launch its mutual fund schemes from 20th July. - A clutch of financial service firms led by HDFC have joined together and acquired one of oldest cards on the BSE.
- Housing Development Finance Corporation & the State Bank of India are setting up an equal joint venture for credit rating of individuals.
- ICICI Ltd & HDFC have hiked their housing loan rates by 50 basis points.
- Amalgamation of Hometrust Housing Finance Comp. Ltd.
- The Credit Rating Information Services of India Ltd has assigned an `AAA' rating to the Rs 1,500-crore bond programme of company.
- VSNL & HDFC have jointly launched online renewal facility for Internet subscription in Mumbai, New Delhi, Calcutta, Chennai, Pune and Bangalore.
- ICRA has assigned `LAA' rating to Hudco Rs 1 billion tax-free & Rs 5 billion taxable bonds programme.
- Housing loan finance Comp. HDFC Limited targeting the NRIs, launched a portal `HDFC Reality.com' to provide information on real estae properties in & around Bangalore city.
- The Insurance Regulatory & Development Authority has granted registration to HDFC Standard Life Insurance, as the first private sector life insrnace Comp. in India.
- Mr. Keki Mistry will be the new Managing Director of Housing Development Finance Corpsoration.
- The Housing Development Finance Corporation has launched a retail finance scheme, Step Up Repayment Facility, which provides for a higher loan amount.
2001
- The UB group has tied up with Housing Development Finance Corporation [HDFCs] & Infrastructure Leasing & Finance Services [IL and FSs] to raise Rs.60 crore to part fund the acquisition of Associated Breweries & Distillers [ABDs].
- HDFC has tied up with the Alireza group of Saudi Arabia & the Jeddah-based Technobuild to provide advisory services to NRIs.
- HDFC has decided to acquire the entire equity holding of its subsidiary HDFC Holdings in HDFC BAnk.
- HDFC has acquired 133,10,000 equity shares in HDFC Bank from HDFC Holdings, a 100 per cent subsidiary of HDFC, through internal transfer.
- The Housing Development Finance Corporation has launched its $100-million five-year syndicated loan with roadshows beginning in Singapore.
2002
- HDFC Board approves proposal to set up JV with Chubb Global for foray into General Insurance business.
- Housing Development Finance Corporation Ltd has on March 20, 2002 allotted 711178 equity shares of Rs 10 each under the Employees Stock Option Scheme [ESOSs].
-Housing Development Finance Corporation Ltd has informed BSE that the Corporation has purchased 18,00,582 equity shares of Rs 10/- each of GRUH Finance Ltd, representing 6.79% of its paid up equity capital. After the said purchase, the holding of Corporation in GRUH Finance Ltd aggregates to 1,62,40,604 equity shares of Rs 10/- each, representing 61.29% of its paid up capital.
-Housing Development Corporation Ltd has on August 7, 2002 allotted 51378 equity shares of Rs 10 each under the Employees Stock Option Scheme.
-RVS Rao reappointed as Executive Director of Housing Development Finance Corporation.
2003
-Housing Development Finance Corporation [HDFCs] has asked chairman Deepak Parekh to continue for three more years with effect from March '03. The service of Renu S Karnad, executive director, has also been extended for another five years with effect from March 2003. Besides, the corporation is revising upwards the remuneration package of its top management, including Mr Parekh, managing director KM Mistry & two executive directors Ms Karnad & Mr RVS Rao. The package will be in the range of Rs 80,000 to Rs 4,00,000 per month. At present, Mr Parekh & Mr Mistry receive a salary of Rs 2,00,000 & Rs 1, 75,000 per month, respectively. Mr Rao & Ms Karnad get Rs 1,50,000 per month.
-HDFC divests its entire stake in Spectramind to Wipro
-Fox-Pitt, Kelton [FPKs] survey on the Asia Best Managed Banks identifies Housing Development Finance Corporation [HDFCs] as the second best managed financial institution in India & among best in the region
-HDFC Asset Management Comp. [AMCs] acquires Zurich Asset Management Comp. India
-Standard Life Assurance Comp. hikes stake in HDFC to 14.06 %
-HDFC Realty becomes Wholly owned Subsidiary of HDFC
-HDFC Board approves Arrangement between the Corporation and HDFC Bank wherein HDFC Bank will source housing loans for Corporation
-Allotts Secured Non Convertible Debentures [NCD'ss] of Rs 1 million each, aggregating to Rs 2500 million on a private placement basis
-Divests shares of HDFC AMC to Standard Life Investment limited Consequent to the said sale, the Corporation would hold 50.10% of total paid up capital of HDFC AMC & the balance 49.90% would be held by Standard Life Investments Ltd.
-Inks loan agreement for $200 million with International Finance Corporation [IFCs], the private lending arm of World Bank
-Cuts home loan rates for fixed-rate loans by about 25 basis points across maturities
-Alpine International Ltd., a sub-account of Warburg Pincus LLC, divests HDFC 42,50,582 shares reducing its holding to 4.48%
-Share price hits a life time high of Rs 455
-Mr M Narasimham resigns as a Director of Corporation wef August 20, 2003
-Allotts 3833 Secured Redeemable Non Convertible Debenture [NCDss] of Rs 1 million each aggregating to Rs 3833 million on a private placement basis.
-Unveils its 4th branch in Bangalore at Basaveshwaranagar
-Forges alliance with Tally to unveil EDI for Small and Medium Enterprises [SMEss]
-Allotted 2833 Secured Redeemable Non Convertible Debenture [NCDss] of Rs 1 million each aggregating to Rs 2833 million on a private placement basis
--Tied up with ICICI Bank & SBI for sharing ATM networks
-HDFC unveils innovative housing product
2004
-Becomes the first private corporate to raise Rs 1,000 crore debt in a single tranche & in a single option
- The Comp. has received disclosures from Mr. D S Parekh - Chariman & Mr Susir Kumar - Comp. Secretary of their acquisitions. The details are as follows : is] Mr. D S Parekh has on March 02, 2004 acquired 25,000 shares. The mode of acquisition is allotment pursuant to exercise of options vested under ESOS & his shareholding after the said acquisition is 3,00,500 shares amounting to 0.1223% of voting rights of company; iis] Mr. Susir Kumar M has on March 02, 2004 acquired 6,800 shares. The mode of acquisition is allotment pursuant to exercise of options vested under ESOS & his shareholding after the said acquisition is 6,800 shares amounting to 0.0028% of voting rights of company.
-HDFC inaugurated its 16th office in Tamil Nadu & 6th office in Chennai at the southern suburb of Velachery
-Capital Research acquires 1.38 pc additional stake in HDFC
2005
-HDFC, Elcot sign pact to promote infotech in TN
-Forbes Group ties up with HDFC to set up media firm
-Hudco ties up with Pragati Social Infrastructure and Development Ltd to float new JV
-HDFC JV unveils Yellow Pages in Ahemedabad
-HDFC & WL Ross team up to invest in Indian corporate turnarounds
2006
-Housing Development Finance Corporation [HDFCs] may join hands with Apollo Hospitals to set up two-three super-specialty hospitals in Mumbai.
-HDFC joins hand with Postal dept on October 10, 2006.
2007
- HDFC Ltd has forged an alliance with Germany Ergo International AG as the new joint venture partner for its general insurance business.
