New Delhi: Mortgage lender HDFC Ltd will raise up to Rs1,500 crore by issuing bonds on a private placement basis.

The ‘HDFC Series U-006 June 18, 2020’ secured redeemable non-convertible debentures will open for subscription on 17 December and close the same day, HDFC said in a regulatory filing on Thursday.

“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.

HDFC said only those persons who are specifically addressed through communication are eligible to apply for the bond issue.

The bonds offer a coupon rate of 8.80% per annum and set to mature in June 2020.

Stock of HDFC closed 0.14% up at Rs1,941.95 on BSE.