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Business News/ Market / Stock-market-news/  HDFC to raise Rs1,500 crore via debentures
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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

Photo: BloombergPremium
Photo: Bloomberg

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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Published: 18 May 2016, 02:45 AM IST
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