HDFC plans to raise Rs 1,500 crore in debt to augment capital

NEW DELHI: Top mortgage lender HDFC Ltd will raise Rs 1,500 crore by issuing debt securities on a private placement basis.

The secured non-convertible debentures (NCDs) will carry a coupon rate of 7.5 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," it said in a regulatory filing.

The issue will open on October 13, with a tenor ending on October 12, 2018.

HDFC stock closed 0.21 per cent up at Rs 1,423.80 on BSE.