The bond issue opens on November 17 and closes the same day. (Representative)
New Delhi:
Mortgage lender HDFC will raise up to Rs 5,500 crore by issuing bonds on a private placement basis to bolster its resources.
The issuance of secured callable non-convertible bonds (NCDs) will have a base size of Rs 4,000 crore with an option to maintain oversubscription up to Rs 1,500 crore.
“The purpose of the issue is to increase the long-term resources of the Corporation,” HDFC Ltd said in a filing for registration on Tuesday.
The nation’s largest mortgage lender said it will use the proceeds from the issue to fund or refinance its home financing business needs.
The bond issue opens on November 17, 2022 and closes the same day.
Housing Development Finance Corporation (HDFC), which is about to merge with its subsidiary HDFC Bank, will offer a coupon of 7.70 percent per annum on the bonds.
The term of the bonds is three years.
HDFC shares traded at Rs 2,667.10 on the BSE, up 0.21 percent from the previous close.
(This story has not been edited by DailyExpertNews staff and is auto-generated from a syndicated feed.)
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