HDFC Ltd to raise Rs 2K cr by via debentures on pvt placement

Leading mortgage lender HDFC Ltd today said it will raise Rs 2,000 crore via non-convertible debentures (NCDs) to fund business needs.
It will raise the proceeds on a private placement basis by issuing secured redeemable NCDs, it said in a filing on BSE.
"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", it said.
The debt instruments, to be issued and closed on March 4, will carry a coupon rate of 8.75 per cent per annum.

The eligible investors would be specifically addressed through a communication to apply for the debentures and no other person would be able to apply, HDFC added.
Last October, HDFC had raised over Rs 10,000 crore through a mix of warrants and non-convertible debentures to qualified institutional investors.
Shares of the company closed at Rs 1,100.25 a piece on BSE, 2.95 per cent from previous level.