NEW DELHI (INDIA): Mortgage lender HDFC will raise Rs 2,000 crore by issuing bonds through a private placement offer that opens on Friday to augment its long term resources.
“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,” HDFC said in a regulatory filing.
The country’s largest mortgage lender will issue secured redeemable non-convertible debentures (NCDs) on June 16, which closes on the same day.
The bonds will carry a tenor of three years three months, and will pay an interest of 1.50 % per annum from the date of allotment till September 15, 2018, thereafter 11.73 % per annum from September 2018 up to redemption date.
The Housing Development Finance Corporation (HDFC) said only those persons who are specifically addressed through a communication are eligible to apply for the debentures and no other person can apply.
Shares of HDFC closed 0.53 per cent down at Rs 1,662.00 on BSE today.
Source: Press Trust of India