HDFC raises Rs 2,000-cr via bonds

Country's largest mortgage lender HDFC has raised Rs 2,000 crore through sale of bonds in order to boost lending operations and meet its future capital needs.
The bonds, which has a tenure of five years, attracted a a coupon rate of 8.5 per cent.
HDFC Bank is the lead arranger of the issue.
According to sources, HDFC has successfully garnered Rs 2,000 crore by selling the bonds.
The proceeds from the issue would be utilised to boost HDFC's lending operations and meet its future capital needs.
Earlier, HDFC had announced plans to raise up to Rs 5,000 crore through non-convertible debentures (NCDs).

The company has been exploring various fund raising options in order to augment its long-term resources and future capital needs.
During April-June quarter, HDFC reported 18 per cent rise, year-on-year, in its consolidated net profit at Rs 2,204 crore.
While, on standalone basis, its net profit showed a minor increase of 1.21 per cent at Rs 1,361 crore.