HDFC Ltd to raise Rs 1,360 crore via private placement of NCDs

NEW DELHI: Country's largest mortgage lender HDFC Ltd today said it will raise Rs 1,360 crore by issuing debentures on a private placement basis.

The issue will open on Monday and close the same day.

"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 money will be raised by issuing secured redeemable non-convertible debentures (NCDs) only to the persons specifically addressed through a communication, HDFC said.

No other person can apply for the issue, it added.

The coupon rate of the issue is 8.38 per cent.

HDFC scrips closed 0.32 per cent up at Rs 1,167.60 apiece on BSE today.