HDFC to raise Rs 500 cr through NCDs; issue to open on May 19

The bonds will bear coupon rate of 7.67 per cent per annum

Mortgage lender HDFC Ltd on Wednesday said it proposes to raise Rs 500 crore through non-convertible debentures (NCDs) to fund business growth.

The bonds, in nature of secured redeemable non-convertible debentures, will bear coupon rate of 7.67 per cent per annum.

"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," HDFC said in a regulatory filing.

The tenor of the bonds is three years.

The issue to be opened on May 19 would be listed on the BSE and NSE.