HDFC to raise Rs 1,000 crore by issuing NCDs

Housing finance major HDFC Ltd will raise Rs 1,000 crore through an issue of non-convertible debentures (NCDs) on private placement basis.
The 7.7 per cent HDFC secured redeemable NCDs, maturing on February 9, 2018, will be opened on September 9 and closes on the same day.
"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. The proceeds would be utilised for meeting the object of the issue," it said in a regulatory filing.
HDFC said only the persons who are specifically addressed through a communication are eligible to apply for the debentures. No other person can apply," he said.

Shares of HDFC closed 0.87 per cent up at Rs 1,287.75 on BSE.