 "HDFC enhances existing limit to borrow via medium-term bonds up to $2.8 bn")
The country's largest mortgage lender HDFC Ltd on Wednesday said it has enhanced its existing limit to raise capital through medium-term notes to up to USD 2.8 billion (about Rs 20,875.65 crore).
Housing Development Finance Corporation on Wednesday updated its existing medium-term note (MTN) programme for an amount of up to USD 2.8 billion in order to enable the Corporation to issue rupee/foreign currency-denominated bonds in the international capital market, it said in a regulatory filing.
The enhancement is subject to regulatory approvals.
"The update of the MTN programme is only an enabling step, and presently no instruments are being issued by the Corporation," it said.
The MTN programme allows a company to issue bonds to meet its constant capital requirement for the medium term.
The coupon on these types of bonds are higher than those on short-term notes.
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These can be offered with or without call options.
Shares of HDFC on Wednesday closed 0.31 per cent down at Rs 2,427.15 apiece on the BSE.