Tuesday, 17 January 2017

HDFC to raise Rs 800cr via NCDs to shore long term capital

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Housing finance major HDFC will raise Rs 800 crore by issuing non-convertible debentures (NCDs) to shore up its long-term resources. The company will issue secured redeemable NCDs on a private placement basis to raise Rs 800 crore, HDFC said in a regulatory filing. "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," it said. 

The bonds would yield 7.48 per cent per annum and are set to mature on February 18, 2020. The issue opens for subscription on January 18. The bonds rated AAA by both Crisil and ICRA are to be listed on BSE and NSE, the company said. Meanwhile, shares of the company were trading at Rs 1243.65 apiece, down 0.97 per cent from the previous close at 12:26 hours on BSE.

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