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HDFC Stage: Date of Investment: 1999 Web Site : http://www.hdfcindia.com Stock Symbol : Mumbai: HDFC |
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Between September 1999 and June 2000, Warburg Pincus invested $67.9
million to purchase common stock representing 8.9% of the fully diluted
equity of HDFC in the public market. Reflecting its strong management,
dominant market position, strong operating performance and brand
equity, the company was regarded as India's most prestigious financial
institution. Additionally, HDFC had a 24% equity interest in HDFC Bank,
which is India's foremost private bank. The Indian home mortgage market
was at a nascent stage with prospects for strong growth in the years
ahead due to a favorable economic environment and positive government
policies. In addition, HDFC's nonperforming loans were the lowest in
the Indian financial system, and its operating cost ratios were world
class.
