The Housing Development Finance Corp. logo is displayed inside the branch in Mumbai, India. (Photographer: Vivek Prakash/Bloomberg)

HDFC To Raise Rs 3,000 Crore Via NCDs

Housing Development Finance Corporation Ltd. said it will raise up to Rs 3,000 crore by issuing bonds on a private placement basis to augment its long-term capital resources.

The secured redeemable non-convertible debentures with an issue size of Rs 2,000 crore has an option to retain over-subscription up to Rs 3,000 crore, it said in a regulatory 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/refinancing the housing finance business requirements of the corporation," it said.

The coupon rate of the bonds is fixed at 8.55 percent with redemption date of March 27, 2029.

The shares of HDFC closed at Rs 1,945.75 on the BSE, down 1.95 percent from previous close.