Stock Market

HDFC to raise up to Rs 5,000 crore next week

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New Delhi: India's largest mortgage lender HDFC Ltd will raise up to Rs 5,000 crore by issuing bonds on a private placement basis to shore up its long-term capital needs. The secured redeemable non-convertible debentures will bear coupon rate of 7.50 per cent per annum, HDFC said in a regulatory filing on Friday. The issue size of the bond issue is Rs 3,000 crore with an option to retain oversubscription up to Rs 2,000 crore. "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 of the housing finance business requirements of the Corporation," it said in the filing. The issue opens on Tuesday (January 7, 2020) and closes the same day. The mortgage lender said that the bonds have been rated 'AAA' both by Crisil and ICRA.

Axis Bank is the arranger of the proposed issue.




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