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HDFC to raise Rs 8,500 cr via bonds

HDFC to raise Rs 8,500 cr via bonds

New Delhi, Nov 26 (PTI) 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 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.Stock of HDFC closed 0.30 per cent up at Rs 1,880.20 apiece on the BSE. PTI KPM MKJ