New Delhi: India’s largest mortgage lender Housing Development Finance Corporation (HDFC) Ltd said the bid to raise up to 5,000 crore via non-convertible debentures (NCDs) and warrants opened on Wednesday. “Committee (of directors) be and is hereby accorded to open the issue in accordance with the Securities and Exchange Board of India (Sebi) regulations. In respect of the issue, the bid opening date for the issue shall be 30 September 2015," it said in a filing to the BSE.

HDFC Ltd in its annual general meeting held at the end of July had said that it will issue NCDs and warrants to qualified institutional buyers (QIBs) up to 5,000 crore. “Will issue, offer and allot warrants exchangeable for equity shares simultaneously with secured redeemable non-convertible debentures of face value of 1 crore each to eligible QIBs by way of qualified institutional placement (QIP)," it said in the filing.

In case warrants are exchanged with equity shares of the company, it would result in a maximum issue of 3.65 crore equity shares of face value of 2 each of the corporation. The floor price of the warrants shall be 1,189.66 per warrant, it added. The company said the NCDs will mature in March 2017, while the exercise period of the warrants will be 36 months from the date of allotment of warrants. Also, it said the bidder will be entitled and eligible to apply for at least 7,300 warrants for each NCD applied for in the issue. HDFC will use the proceeds from the issue to boost lending operations and meet its future capital needs.

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