HDFC to raise Rs 1,000 crore for refinancing needs

The debt instruments are open for subscription for only those persons who are specifically addressed to apply

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Mortgage lender HDFC Ltd on Thursday said it will raise Rs 1,000 crore by issuing non-convertible debentures, to cater to its housing finance business needs.

Housing Finance Development Corporation (HDFC) will issue secured redeemable non-convertible debentures on a private placement basis to raise the amount of Rs 1,000 crore.

“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 BSE filing.

The debt instruments are open for subscription for only those persons who are specifically addressed through a communication to apply for the debentures, it added.

The issue is to open on March 9, and will also close on the same day.

On Wednesday, the company had said it will raise Rs 2,000 crore through private placement mode to fund financing needs.

In October, HDFC had raised over Rs 10,000 crore through a mix of warrants and non-convertible debentures to qualified institutional investors.

Stock of the company closed at Rs 1,123.60 on BSE, 2.12 per cent up from the previous level.