HDFC to raise Rs1,498 crore to shore up long term capital
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New Delhi: Mortgage lender HDFC Ltd on Wednesday said it will raise Rs1,498 crore by issuing debentures on Friday with a view to augment its long term capital.
The bonds, in nature of secured redeemable non-convertible debentures, will bear coupon rate of 7.78% per annum.
“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 in a regulatory filing.
The tenor of the bonds is three years. HDFC said only those persons who are specifically addressed through communication are eligible for the debentures and no other person can apply.
Subscribers would be required to buy bonds in the unit of Rs1 crore and its multiple.
Stock of HDFC closed 1.07% down at Rs1,442.40, on BSE.