Mortgage lender HDFC raises $291 million from share sale

MUMBAI (Reuters) - Indian mortgage lender Housing Development Finance Corp Ltd (HDFC) said it raised 18.96 billion rupees ($291 million) in a share sale to institutional investors.HDFC sold shares at 1,825 rupees apiece, it said in a regulatory filing on Monday. Its shares closed on Monday at 1,789.

60 rupees.HDFC has said it plans to use the proceeds from the sale to fund growth of its subsidiaries and for the potential acquisition of stressed assets in the real estate sector. ($1 = 65.1050 Indian rupees) (Reporting by Sankalp Phartiyal; Editing.

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