Home / Markets / Stock Markets /  HDFC, REC, others to issue bonds to raise 9,200 crore

About six companies plan to raise money through corporate bond in tune of nearly 9,200 crore. Indian Oil Corporation (IOC), Housing Development Finance Corp (HDFC), and Rural Electrification Corp (REC) are included in the six companies.

Rural Electrification Corp (REC) is looking to raise 4,000 crore, which includes 3,500 crore in greenshoe through bonds maturing in 180 months. The bidding will take place on the National Stock Exchange (NSE) bidding platform.

Housing Development Finance Corp (HDFC) bonds have a fixed coupon of 7.79 per cent, HDFC Credila Financial Services has fixed coupon of 8.17 per cent, and ICICI Home Finance Co Ltd has 7.95 per cent fixed coupon on their bonds.

NBFC-giant HDFC garnered a net profit of 4,454. 24 crore for the quarter ending September 30, 2022 (Q2FY23), rising by 17.8% from 3,780.50 crore in the same period a year ago. Q2 PAT climbed by at least 21.4% as against 3,668.82 crore in Q1FY23. Overall, HDFC beats street's expectations in the second quarter of FY23.

IOC has a target of raising 2,500 crore, including 1,500 crore in greenshoe through five-year bonds.

The bidding for all the bonds will take place on bidding platforms of BSE and NSE.

Corporate have raised 3.09 lakh crore through bonds between April and October this year, according to data from the Securities and Exchange Board of India (Sebi).

Companies and banks raised 77,274.82 crore in April-June, 1.97 lakh crore in July-September and 34,699.38 crore in October.

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