HDFC to raise Rs 525 cr to augment resources

Housing finance major HDFC today said it will raise Rs 525 crore through debt instruments on private placement basis to augment its long term resources.
The Housing Development Finance Corporation (HDFC) will issue secured redeemable non-convertible debentures on March 11, 2016 to raise the required sum, it said in a BSE filing.
"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 or refinancing the housing finance business requirements of the Corporation", it added.
The debt instruments to be maturing for April 2019, carry a coupon rate of 8.72 per cent.

However, only the person specifically addressed through a communication would be eligible for the subscription of the debentures, HDFC said, adding no other person can apply.
HDFC shares closed at Rs 1,131.05 apiece on BSE today, down 1.31 per cent from previous level.