HDFC Plans To Raise Up To Rs 4,000 Cr Via Bonds; Stock Ends 1.25% Lower
Mortgage lender HDFC on Thursday said it will raise up to Rs 4,000 crore by issuing bonds on private placement basis.
The issue size of the secured redeemable non-convertible debentures, to open on June 15, 2020, is of Rs 2,100 crore with option to retain over-subscription up to Rs 1,900 crore, HDFC said in a regulatory filing.
The issue, set to close on the same date (June 15), will offer coupon rate of 7.25 per cent per annum payable annually. The date of redemption is June 17, 2030.
“The object of the issue is to augment the long-term resources of the Corporation. The proceeds of the present issue would be utilized for financing/refinancing the housing finance business requirement of the Corporation,” Housing Development Finance Corporation said. HDFC stock ended 1.25 per cent lower at Rs 1,787.10 on BSE on Thursday.
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