HDFC stock up over 2% on fund raising plans

Shares of HDFC today ended with over 2 per cent gains after the announcement to raise Rs 2,000 crore via non-convertible debentures (NCDs) to meet business expenditures.
The stock ended the day with a gain of 2.12 per cent at Rs 1,123.60 on BSE. During the day, it climbed 3.14 per cent to Rs 1,134.80.
On NSE, shares of the company jumped 2.23 per cent to close at Rs 1,124.15.
It will raise the proceeds on a private placement basis by issuing secured redeemable NCDs, the company had said in a BSE filing yesterday.
"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.