HDFC raises Rs 5 billion by issuing masala bonds; stock up by 0.57%

It will offer a coupon of 8.75 per cent per annum payable semi-annually for tenor of 5 years and one day

HDFC said on Monday that it has issued masala bonds under its medium-term note (MTN) programme and raised Rs 5 billion. The rupee denominated bonds (RDBs), popularly known as masala bonds, are issued under the MTN programme, it said in a regulatory filing. The corporation has closed the said issue Monday with the issue size of Rs 5 billion," HDFC said.

It will offer a coupon of 8.75 per cent per annum payable semi-annually for tenor of 5 years and 1 day. The bonds are unrated and will be listed on the LSE's International Securities Market (ISM), it said. Masala bonds