Mortgage lender HDFC Ltd will raise up to Rs 8,500 crore by issuing bonds on a private placement basis to shore up long-term capital needs.
The secured redeemable non-convertible debentures (NCDs) with an issue size of Rs 500 crore and option to retain oversubscription up to Rs 8,500 crore are to be allotted on Thursday on a private placement basis, 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," HDFC said in a regulatory filing.
HDFC said only those persons who are specifically addressed through a communication are eligible to apply for the debentures.
"No other persons can apply," it added.
The securities, with a tenor of 10 years, bear coupon rate of 9 per cent per annum.
First Published: Nov 27, 2018 5:39 AM IST
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