HDFC to raise Rs.2,000 crore via bonds
India’s largest private mortgage lender Housing Development Finance Corporation Ltd (HDFC) said that it will raise Rs. 2,000 crore by issuing debt securities on private placement basis to augment long term resources.
HDFC in a regulatory filing said it will issue secured redeemable non- convertible debentures (NCDs) on a private placement basis. The issue will open on Tuesday and close on the same day.
“The object of the issue is to augment the long-term resources of the Corporation. The proceeds of the present issue would be utilised for financing/refinancing the housing finance business requirements of the corporation,” it said. The bonds carry a coupon rate of 7.20% per annum with a 6.97% payable monthly and are set to mature in September 1, 2020.