Mortgage lender HDFC has raised Rs 1,300 crore from World Bank-arm IFC through an issue of masala bonds, the specialised debt instruments that are meant to be issued overseas only. Earlier this month, Housing Development Finance Corporation (HDFC) had said it will issue rupee-denominated bonds under the medium term note programme to International Finance Corporation (IFC), Washington. "The Corporation has closed the said issue today of the issue size of Rs 1,300 crore," it said in a regulatory filing. HDFC will offer a coupon rate of 6.73 per cent payable semi-annually on these masala bonds.
The bonds are set to mature on November 25, 2022 (5 years 9 days). The bonds are unrated and will be listed on the London Stock Exchange, it added. HDFC stock closed 0.51 per cent down at Rs 1662.65 on BSE.
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