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HDFC plans for 6,000cr bond issue to shore up long-term resources
September 28, 2021
The country’s biggest home loan bank Housing Development Finance Corporation (HDFC) will raise up to ₹6,000 crores by giving bonds on a private placement basis to augment its long-term resources.
The bonds in the nature of redeemable non-convertible debentures (NCDs) have a base issue size of ₹3,000 crores with the choice to hold oversubscription up to ₹3,000 crores, HDFC said in an administrative recording on Monday.
“The object of the issue is to expand the drawn-out assets of the Corporation. The returns of the current issue would be used for financing/renegotiating the lodging finance business prerequisites of the Corporation,” it said.
The three-year tenor securities appraised ‘AAA’ by Crisil and Icra will be up for reclamation on September 30, 2024.
The offers for membership will open on September 29, 2021, and close around the same time.
HDFC said the coupon rate on the securities would be payable at a proper spread of 80 premise focuses (0.80 percent) over the benchmark that will be reset on a quarterly premise.
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