HDFC Limited was incorporated on 28 January 2004 by a Presidential Decree under the Companies Act, Law No: 10/96. The commercial operations commence on March 29, 2004. HDFC was incorporated with technical assistance from the World Bank and initially all shares were held by the Government of Maldives.
HDFC Plc was registered as a public company on the 9th of February 2006. The shareholders’ agreement for privatization between the Government of Maldives, ADB, IFC, and HDFC-India was signed on July 23, 2008. The initiative to restructure the capital and restart the business of HDFC Plc became effective on February 10, 2009 with the first equity disbursement by the International Shareholders whose commitment also comprises of a multi-lateral loan component by IFC and ADB. HDFC-India with thirty years of experience in mortgage finance is the technical partner of HDFC Plc and IFC is playing the advisory role while assisting with a matching grant for the Technical Assistance Program. The structure of new shareholding is 49% by the GOM with the balance 51% being shared as 18%, 18%, and 15% by IFC, ADB, and HDFC-I respectively.
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