HDFC to raise Rs 1,500 cr via debentures on private placement

HDFC today said the company will raise Rs 1,500 crore by issuing debentures on a private placement basis.
The issue will open tomorrow and close on the same day, it said.
The mortgage lender, Housing Development Finance Corporation (HDFC), said only the persons specifically intimated through a communication are eligible to apply for the debentures and no other person can apply.
"The object of the issue is to augment long-term resources of the corporation. The proceeds of the present issue would be utilised for financing or refinancing the housing finance business requirements of the Corporation," HDFC said in a regulatory filing.

The debt instruments -- secured redeemable non-convertible debentures -- will carry a coupon rate of 8.45 per cent per annum.
Axis Bank is the arranger of the issue.
The HDFC stock closed 2.44 per cent higher at Rs 1,216.25 on BSE today.