HDFC to raise Rs1,500 crore via debentures
The proceeds of the issue will be used for financing or refinancing the housing finance business requirements of the corporation, says HDFC
New Delhi: Mortgage lender Housing Development Finance Corp. Ltd (HDFC) on Tuesday said the company will raise ₹ 1,500 crore by issuing debentures on a private placement basis.
The issue will open on Wednesday and close on the same day, it said.
HDFC said only the people specifically intimated through a communication are eligible to apply for the debentures.
“The object of the issue is to augment long-term resources of the corporation. The proceeds of the present issue would be utilised for financing or refinancing the housing finance business requirements of the corporation," HDFC said in a regulatory filing.
The debt instruments—secured redeemable non-convertible debentures—will carry a coupon rate of 8.45% per annum. Axis Bank Ltd is the arranger of the issue.
HDFC stock closed 2.44% higher at ₹ 1,216.25 on BSE Ltd on Tuesday.
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