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Saturday, Aug 03, 2002

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HDFC to raise $100 m more

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HOUSING Development Finance Corporation (HDFC) is to raise $100 million through international funding in the latter half of this financial year.

"HDFC has raised $100 million from the international market at LIBOR plus 80 basis points for five-year maturity. This was a fine price, we will therefore go in for more international funding,'' said Mr Keki Mistry, Managing Director, HDFC, talking to newspersons on the sidelines of `1st India Debt Investors Conference organised by Fitch Ratings and Citibank.

HDFC has scaled down its initial target of mortgage-backed securities (MBS) to Rs 300 crore from Rs 500-600 crore. "We have already done securitised MBS worth Rs 144 crore. The next tranche will be coming out soon,'' said Mr Mistry.

Talking on the future of MBS in India, Mr Mistry said the market would pick up only when retail activity in this sector picks up.

Currently, high and varied stamp duties in different States of the country pose a big impediment to the retail market taking off in MBS.

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