Mortgage giant Housing Development Finance Corporation (HDFC), on May 19, stated the board had forwarded its nod for lifting up the FII (foreign institutional investors) shareholding limit to 100%.

The move is precursor to forthcoming transfer of the form's warrants in equity by foreign investors, which would augment the total foreign institutional investors holding in HDFC further than the existing limit of 74%.

The warrants remained up for conversion on or before August 24. The corporation’s board has authorized an enabling resolution, sanctioning the boost in the limit on shareholding by FIIs under the portfolio investment plan, from
74% to 100% of the paid-up equity share capital.

At present, FII holding in Housing Development Finance Corporation remains at 66.7% whereas the promoter holding in the firm is zero.

It stated, “The warrants issued by HDFC in August, 2009, re due for exchange into equity shares on or before August 24.”