HDFC to raise Rs 2,000 cr via bonds

Mortgage lender HDFC Ltd will raise Rs 2,000 crore by issuing debt securities on private placement basis to augment long term resources.
The Housing Development Finance Corporation (HDFC) in a regulatory filing said it will issue secured redeemable non- convertible debentures (NCDs) on a private placement basis to persons specifically mentioned.
"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 NCDs will offer coupon rate of 7.20 per cent per annum (6.97 per cent payable monthly).

The bond has a tenor of three years and one month. The issue opens tomorrow and closes the same day.
Stock of HDFC closed 0.13 per cent up at Rs 1,786.15 apiece on BSE.