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News Details

HDFC to raise up to Rs 5,000 crore by issuing bonds

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23/09/2020 19:57
Mortgage lender Housing Development Finance Corporation Ltd (HDFC) on Wednesday said it will raise up to Rs 5,000 crore by issuing bonds on a private placement basis. The issue size for the secured redeemable Non-Convertible Debentures (NCDs) will be Rs 2,500 crore with an option to retain oversubscription of up to Rs 2,500 crore, HDFC Ltd 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 will offer coupon at 6.43 per cent per annum to be payable annually on September 29 every year up to redemption date of September 29, 2025.

The bids for the NCDs will open for subscription on September 25 and close on the same day.

In a separate filing, HDFC said the board has approved allotting more than 17 lakh shares to a director and employees of the corporation.

"The Allotment Committee of the corporation at its meeting held today ie., September 23, 2020, approved allotment of 17,64,998 equity shares of Rs 2 each of the Corporation... pursuant to exercise of stock options by certain director and employees of the corporation," it said.

Post the allotment, the paid-up share capital of the corporation will be Rs 359,16,11,864 consisting of 179,58,05,932 equity shares of Rs 2 each.