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HDFC Ltd to raise Rs 2K cr by via debentures on pvt placement

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Press Trust of India New Delhi
Leading mortgage lender HDFC Ltd today said it will raise Rs 2,000 crore via non-convertible debentures (NCDs) to fund business needs.

It will raise the proceeds on a private placement basis by issuing secured redeemable NCDs, it said in a filing on BSE.

"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.
 

The eligible investors would be specifically addressed through a communication to apply for the debentures and no other person would be able to apply, HDFC added.

Last October, HDFC had raised over Rs 10,000 crore through a mix of warrants and non-convertible debentures to qualified institutional investors.

Shares of the company closed at Rs 1,100.25 a piece on BSE, 2.95 per cent from previous level.

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First Published: Mar 02 2016 | 7:22 PM IST

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