Housing Development Finance Corporation (HDFC) on Tuesday said it will raise Rs 3,000 crore by issuing secured redeemable non-convertible debentures on a private placement basis.
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 coupon rate of the issue has been fixed at 7.10% per annum with a redemption date of 12 November 2031. The issue will open for subscription on 11 November 2021 and close on the same day. Credit rating agency CRISIL and ICRA have rated bonds AAA.
HDFC is engaged in financing by way of loans for the purchase or construction of residential houses, commercial real estate and certain other purposes, in India. The company's standalone net profit jumped 31.91% to Rs 3,780.50 crore on a 4.20% rise in total income to Rs 12,226.39 crore in Q2 FY22 over Q2 FY21.
Shares of HDFC were trading 1.47% lower at Rs 2,897.25 on BSE.
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