HDFC inches higher after completing masala bonds issue

HDFC rose 0.13% to Rs 1,464 at 9:25 IST on BSE after the company said it has completed the issuance of masala bonds aggregating Rs 3300 crore on Friday, 24 March 2017.

The announcement was made after market hours on Friday, 24 March 2017.

Meanwhile, the S&P BSE Sensex was down 71.03 points or 0.24% at 29,350.37.

On the BSE, 1,507 shares were traded on the counter so far as against the average daily volumes of 1.38 lakh shares in the past one quarter. The stock had hit a high of Rs 1,465.50 and a low of Rs 1,460.15 so far during the day.

HDFC said that the bonds issue of Rs 2000 crore issue plus green shoe option received a strong response from 29 investors across Asia and Europe. The aggregate demand for the transaction was 2.16 times at Rs 4315 crore.

The issue size is Rs 3300 crore with a yield of 7.35% per annum payable semi-annually. The maturity date of bonds is 30 April 2020.

HDFC's net profit rose 11.9% to Rs 1701.21 crore on 11.9% growth in total income to Rs 8148.61 crore in Q3 December 2016 over Q3 December 2015.

HDFC is India's first retail housing finance company and is currently one of the largest originators of housing loans in the country.

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