HDFC to raise Rs 1,340 cr via bonds

Mortgage lender HDFC will raise Rs 1,340 crore through an issue of bonds on private placement basis.
The bonds in the nature of secured redeemable non-convertible debentures will bear coupon rate of 7.67 per cent annually.
"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 in a regulatory filing.
The issue opens on Friday and closes on the same day. Axis Bank is the arranger of the issue.
HDFC stock closed 0.10 per cent down at Rs 1392.20 on BSE.