Mortgage lender HDFC Ltd will raise Rs 775 crore by issuing bonds on private placement basis as part of arranging long term capital. The object of the issue is to augment long term resources of the Corporation, HDFC said in a regulatory filing today. “The proceeds of the present issue would be utilised for financing/refinancing the housing finance business requirements of the Corporation,” it added.
The secured redeemable non-convertible debentures offering 7.28 per cent coupon rate are set to mature on March 25, 2019. The issue opens tomorrow 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 stock was trading at Rs 1,635, down 1.13 per cent, on BSE.