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To cater to housing finance needs, India’s largest mortgage lender HDFC said on Monday that it will raise ₹500 crore by issuing bonds on a private placement basis.
The issue size of the ₹500-crore secured redeemable non-convertible debentures, to be held on private placement basis, will carry a coupon rate of 8.35 per cent per annum.
“The object of the issue is to augment the long-term resources of the corporation. The proceeds of the present issue would be utilised for financing/refinancing the housing finance business requirements of the corporation,” HDFC said in a regulatory filing.
The bonds with a tenor of five years, will have April 26, 2021, as the redemption date.
HDFC said the issue can be subscribed by only persons who are specifically addressed through a communication by the company.
Shares of the company last traded 1.77 per cent down at ₹1,111.40 apiece on the BSE.
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