HDFC to raise up to Rs 3,000cr via bonds to augment long-term capital

Mortgage lender HDFC Ltd on Friday said it will raise up to Rs 3,000 crore by issuing bonds to augment its long-term resources. The secured redeemable non-convertible debentures will be issued on a private placement basis to persons who are specifically addressed through communication, HDFC said in a regulatory filing.

The issue size is of Rs 2,000 crore with an option to retain subscription up to Rs 3,000 crore. "The object of the issue is to augment the long-term resources of the Corporation. The proceeds of the present issue would be utilized for financing/refinancing the housing finance business requirements of the Corporation," it said.

HDFC shares closed 3.93 percent up at Rs 2,052.25 on BSE.