HDFC to raise Rs 1,500 crore via bond issue on Tuesday

Mortgage lender HDFC Ltd will raise Rs 1,500 crore through issuance of bonds on a private placement basis next week.

“The object of the issue is to augment long-term resources of the corporation. The proceeds of the present issue would be utilised for financing and refinancing the housing finance business requirements of the corporation,” HDFC said in a regulatory filing.

The Housing Development Finance Corporation (HDFC), the largest mortgage firm in the country, regularly raises money through this method.

HDFC said the bonds can be subscribed by only those who are specifically addressed through a communication and no other person can apply. The issue will open on June 13 and close on the same day.

Set to mature by July 2020, the coupon rate on the bonds is fixed at 7.50 per cent per annum.

The HDFC stock closed 0.66 percent up at Rs 1,644.85 on the BSE on Friday.

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Posted in: Indian Market Tips