New Delhi: Mortgage lender Housing Development Finance Corp. Ltd (HDFC) will raise Rs775 crore by issuing bonds on private placement basis as part of arranging long term capital. The object of the bond issue is to augment long term resources of the corporation, HDFC said in a regulatory filing on Tuesday.

“The proceeds of the present issue would be utilized for financing/refinancing the housing finance business requirements of the corporation," it added.

The secured redeemable non-convertible debentures offering 7.28% coupon rate are set to mature on 25 March 2019. The issue opens on Wednesday and closes the same day.

The country’s leading mortgage lender said the bonds can be subscribed by only those people who would be specifically addressed through a communication.

HDFC Ltd shares closed 1.22% lower on Tuesday while the benchmark index Sensex remained near-flat at 31,297.53 points.

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