HUDCO approves Rs 1.50 final dividend and Rs 70,000 crore fundraising plan in its 56th AGM

New Delhi: Housing and Urban Development Corporation Limited (HUDCO) held its 56th Annual General Meeting (AGM) on August 24, through video conferencing and other audio-visual means, with shareholders considering six business items, including a proposed final dividend of Rs 1.50 per equity share and a plan to raise up to Rs 70,000 crore through non-convertible bonds or debentures.

Follow The PSUWatch Channel on WhatsApp

The AGM was chaired by HUDCO's Chairman and Managing Director (CMD) Sanjay Kulshrestha. Other directors present included HUDCO's Director (Corporate Planning) M Nagaraj; Director (Finance) Daljeet Singh Khatri; and Part-time Official (Government Nominee) Director Baldeo Purushartha.

Also present at the meeting were Vivek Kumar, Presidential Representative from the Ministry of Housing and Urban Affairs; Pawan Kumar, Presidential Representative from the Ministry of Rural Development; Shambhu Nath, Statutory Auditor; and Parul Jain, Secretarial Auditor and Scrutinizer. Vikas Goyal, Company Secretary, attended the meeting.

Follow PSU Watch on LinkedIN

Six business items taken up

The AGM considered six items of business, comprising four ordinary business items and two special business items. Shareholders were asked to consider and adopt HUDCO's audited standalone and consolidated financial statements for the financial year ended March 31, along with the Board's reports, Independent Auditor's Report and comments of the Comptroller and Auditor General of India.

The meeting also considered the declaration of a final dividend of 15 percent, or Rs 1.50 per equity share, for FY 2025-26, as recommended by the Board, along with confirmation of interim dividends already declared and paid during the year.

Another item involved the appointment of Daljeet Singh Khatri, Director (Finance), who retired by rotation and was eligible for reappointment. Shareholders also considered authorising the Board to fix the remuneration of HUDCO's statutory auditors for FY 2026-27.

Rs 70,000 crore fundraising proposal

Among the key special business items was a proposal to appoint Baldeo Purushartha as Part-time Official (Government) Director.

The AGM also considered a proposal to raise funds of up to Rs 70,000 crore through the issue of Non-Convertible Bonds/Debentures on a private placement basis. The fundraising proposal was placed before shareholders as a special resolution.

During the meeting, shareholders who had registered as speakers were given an opportunity to raise questions and express their views. Their queries were addressed by the company.

(PSU Watch is India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy. 👉 Click to join our channel now: PSUWatch WhatsApp Channel. Prefer LinkedIn? Follow PSU Watch on LinkedIN. Click to stay connected on Twitter here and stay updated)