HDFC plans to raise Rs5,000 crore via masala bonds
HDFC’s board of directors will consider the proposal for issuance of rupee denominated bonds to overseas investors under automatic route on 4 May
Latest News »
- Adobe plans to stop distributing Flash service at end of 2020
- GSK Pharma’s profit plunges 63.4% to Rs26.42 crore, plans to introduce more vaccines
- Donald Trump hails Jared Kushner for ‘proving’ Russian links wrong
- Behind Manafort loans, army pilot who flew into Donald Trump’s orbit
- India will need $4.5 trillion by 2040 for infrastructure: report
New Delhi: Country’s largest mortgage lender HDFC Ltd plans to raise Rs5,000 crore through rupee denominated bonds (masala bonds).
“The board of directors in its meeting on 4 May will consider the proposal for issuance of rupee denominated bonds to overseas investors up to an amount not exceeding Rs5,000 crore under automatic route during 2017-18,” HDFC said in an exchange filing.
The allowed limit of Rs5,000 crore in a fiscal is over and above the amount that companies can raise through automatic route of external commercial borrowings (ECBs).
In 2016-17, the corporation raised a total of Rs5,000 crore through masala bonds, which is the maximum permitted amount a company can raise through such instruments in a financial year.
Also, the Housing Development Finance Corp Ltd (HDFC Ltd) was the first firm in India to tap the route after RBI permitted it in 2015. Shares of HDFC stock closed 1.93% down at Rs1,537.05 on BSE on Friday.