Mortgage lender HDFC Ltd on Wednesday said it proposes to raise Rs 500 crore through non-convertible debentures (NCDs) to fund business growth. The bonds, in nature of secured redeemable non-convertible debentures, will bear coupon rate of 7.67 per cent per annum. "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 tenor of the bonds is three years. The issue to be opened on May 19 would be listed on the BSE and NSE.