HDFC to raise up to Rs 2,000 cr by issuing bonds

HDFC to raise up to Rs 2,000 cr by issuing bonds

New Delhi: Mortgage lender HDFC Ltd will raise up to Rs 2,000 crore by issuing debt securities on a private placement basis to augment its long-term resources.

The secured redeemable non-convertible debentures for an issue size of Rs 2,000 crore will be open for bid on June 14 and closes on the same day, HDFC said in a regulatory filing.

The bonds with 10 years of tenure will carry a coupon rate of 6.88 per cent per annum, said the country’s largest mortgage financier.

”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. Stock of HDFC traded at Rs 2,561.75 apiece on BSE, up 0.67 per cent from the previous close.

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