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Mortgage lender Dewan Housing Finance Corporation’s maiden issue of non-convertible debentures worth up to Rs 4,000 crore was fully subscribed today, on the first day of the issue itself.
The issue subscribed 6.39 times till 2 pm, according to latest update available with the National Stock Exchange.
DHFL’s issue comprises Rs 1,000 crore with an option to retain oversubscription up to Rs 3,000 crore aggregating up to a shelf limit of up to Rs 4,000 crore.
Bidding for the issue opened today and closes on August 16.
For investors, there is an option to choose between three, five and ten year tenors with monthly, annual and cumulative payment options.
The annual yield will go up to 9.2-9.3 per cent, depending upon the class of investors — whether retail or high networth individual — and the tenor.
Net proceeds of the issue will be used for onward lending, financing and general corporate purposes.
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