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The country's largest mortgage lender HDFC Ltd will raise Rs 2,500 crore by issuing bonds on private placement basis to augment its housing finance business. The security '7.40 per cent HDFC, 17 November 2020' are secured redeemable non-convertible debentures. "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 issue will open for subscription on October 17 and closes the same day. The bonds are rated AAA by Crisil and ICRA, reflecting the an exceptional degree of creditworthiness. HDFC shares closed 0.32 per cent up at Rs 1750.25 on BSE today.