HDFC's $500mn FCCBs subscribed two times

The zero coupon, $500 million, foreign currency convertible bonds offered by Housing Development Finance Corporation (HDFC) has been subscribed two times.

According to a release issued by HDFC to the BSE today, "the FCCBs will have a tenure of five years, and are convertible into equity shares any time after August 24, 2006 at Rs 1,399 per share."

The yield to maturity of FCCBs is 4.62% per annum. The offering was lead managed by ABN Amro, Barclays Capital, Citigroup and J P Morgan, the release added.