HDFC to raise up to Rs 8,000 cr via bonds

Mortgage lender HDFC will raise up to Rs 8,000 crore by issuing bonds on a private placement basis to shore up its resources.

The unsecured redeemable non-convertible debentures (NCDs) issue will have a base size of Rs 3,000 crore with an option to retain over-subscription of up to Rs 5,000 crore.

The object of the issue is to augment the long-term resources of the Corporation, HDFC said in a regulatory filing.

The largest mortgage lender in the country said it will use the proceeds from the issue for financing or refinancing the housing finance business requirements.

The bond issue closes on May 15, 2023, it said.

Housing Development Finance Corporation (HDFC), set for a merger with its subsidiary HDFC Bank, will offer a coupon at 7.70 per cent per annum on the bonds.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)