HDFC to raise Rs 3,000 crore via bonds

Housing Development Finance Corporation (HDFC) on Tuesday said it will raise Rs 3,000 crore by issuing bonds on a private placement basis.

The issue for the secured redeemable non-convertible debentures (NCDs), bearing a coupon rate of 7.10 per cent per annum, will open for subscription on November 11, 2021, and close on the same day.

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.

The bonds are rated AAA by Crisil and Icra.

Shares of HDFC closed at Rs 2,940.50 apiece on BSE, down 1.27 per cent from the previous close.