Section 34
Hasmukhbhai T Parekh
Founded HDFC at 66 and made home loans available to ordinary Indian families. (HDFC)
- life
- 1911–1994
- era
- 1947 to 1991
- ₹10 crore
- HDFC's first public issue of equity · 1978
- 66
- Age when he founded HDFC · 1977
The story
H T Parekh was born in Surat on 10 March 1911. He joined ICICI as deputy general manager in 1956 and became its chairman in 1972. He retired in 1976.
He had wanted a housing finance company for decades. He drafted a proposal in 1951 and another for Bank of Baroda in 1973; neither went ahead. At 66, after retiring, he tried again.
HDFC was incorporated on 17 October 1977, promoted by ICICI, the International Finance Corporation and the Aga Khan. In 1978 it gave its first home loan, in Mumbai, and raised Rs 10 crore in its first public issue of shares.
He received the Padma Bhushan in 1992 and died on 18 November 1994. HDFC later merged into HDFC Bank.
Timeline
- 1956Joins ICICI as deputy general manager.
- 1972Becomes chairman of ICICI.
- 1977HDFC is incorporated on 17 October.
- 1978HDFC gives its first home loan and makes its first public issue.
- 1992Receives the Padma Bhushan.