IFC plans to invest $200 mn in HDFC by subscribing NCDs

IFC proposes to invest around $200 million in HDFC by subscription of its five-year-old non-convertible debentures (NCDs) or Masala Bonds.
 

IFC said it proposes to invest up to Rs 14 billion ($200 million equivalent) in HDFC through an IFC subscription of its five-year non-convertible debentures or Masala Bonds. HDFC has additionally committed to allocate up to Rs 42 billion ($600 million equivalent) from its own resources for on lending to developers of affordable housing projects in India.
 

The proceeds from IFC’s current investment shall be utilised across India, said IFC.
 

IFC will provide continued support to HDFC as the company