HDFC to raise Rs 2,000 cr via bonds to augment long term funds
HDFC will issue secured redeemable non-convertible debentures on a private placement basis to raise a total of Rs 2,000 crore.
New Delhi: Mortgage lender HDFC Ltd will raise Rs 2,000 crore through a private placement basis by issuing bonds to shore up long term capital.
HDFC Ltd, which is the largest mortgage lender in the country, said it will issue secured redeemable non-convertible debentures on a private placement basis to raise a total of Rs 2,000 crore.
The issue will open on Thursday 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 in a regulatory filing.
The bonds carrying coupon rate of 7.60 per cent are set to mature in June 2020. HDFC said only the persons who are specifically addressed through a communication are eligible to apply for the debentures. No other persons can apply, it stated.
Stock of the company today closed 0.37 per cent down at Rs 1,600.05 apiece on BSE.