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.