Hdfc Mops Up Rs 267cr From Bonds Issue

Housing and Urban Development Corporation Limited's priority sector series XI bonds issue along with capital gains benefit has been oversubscribed, mopping up Rs 267 crore against the targeted Rs 249.50 crore.

The bonds were placed on private placement basis and the coupon rates range from 13.25 per cent for a seven-year maturity period and 13.75 per cent for 10-year maturity period.

The coupon rates for the bonds have been fixed based on the book building process. Of the total amount mobilised, about one-third is of 10-year maturity. In the second tranche of its fund mobilising operations in the current fiscal, Hudco is planning to raise Rs 620 crore through a mix of taxable and tax-free bonds. The FI, however, is yet to finalise the schedule for hitting the market with these bonds.

Hudco, which has set a resource mobilisation target of Rs 2,150 crore, is currently revising the figures by planning an additional mop uo of Rs 700 crore. The additional fund is required for meeting the FIs commitment under the newly announced 2 million housing programme. Hudco is enlisted to take up one-third of the urban housing and a certain portion of the rural housing under the 2 million programme.