Mortgage lender HDFC Ltd on Monday said it has issued masala bonds under its MTN programme and raised Rs 500 crore.
Mortgage lender HDFC Ltd on Monday said it has issued masala bonds under its MTN programme and raised Rs 500 crore. The rupee denominated bonds (RDBs), popularly known as masala bonds, are issued under the medium term note (MTN) programme, it said in a regulatory filing.
The corporation has closed the said issue Monday with the issue size of Rs 500 crore," HDFC said.
It will offer a coupon of 8.75 percent per annum payable semi-annually for tenor of 5 years and 1 day.
The bonds are unrated and will be listed on the LSE's International Securities Market (ISM), it said.
Masala bonds are instruments through which Indian entities can raise funds by accessing overseas capital markets, while the bond investors hold the currency risk.
Stock of HDFC closed 0.57 percent up at Rs 1,898.35 apiece on the BSE.
First Published: IST