Mortgage lender HDFC Ltd will raise up to Rs 2,500 crore by issuing bonds on a private placement basis.
The secured redeemable non-convertible debentures are to be allotted on a private placement basis on Friday for an issue size of Rs 2,500 crore, HDFC Ltd said in a regulatory filing on Tuesday.
“The object of the issue is to augment the long-term resources of (HDFC). The proceeds of the present issue would be utilised for financing/refinancing the housing finance business requirements of the (company),” it said.
The bonds will be offered at a coupon rate of 7.21 per cent per annum.
Shares of HDFC closed at Rs 2,411.20 apiece on the Bombay Stock Exchange (BSE), down 0.46 per cent as compared with the previous close.