HDFC To Raise Rs 7,000 Crore By Issuing Bonds, Stock Edges Higher
Share price of Housing Development Finance Corporation (HDFC) edged higher by around two per cent on Wednesday, May 26, a day after the mortgage lender announced that it will raise up to Rs 7,000 crore by issuing bonds on a private placement basis. On Wednesday, HDFC opened on the BSE at Rs 2,547, swinging to an intra day high of Rs 2,575.10 and an intra day low of Rs 2,529.65, in the trading session so far. The lender informed the stock exchanges about its plans to raise the amount by issuing bonds on Tuesday, May 25.
According to the regulatory filing by the lender, the base issue size for the secured redeemable non-convertible debentures or NCDs is Rs 5,000 crore with an option to retain the oversubscription of up to Rs 2,000 crore. HDFC added that it will offer a coupon rate of six per cent per annum on the bonds, and the issue for which opens on May 28, 2021.
HDFC said that the eligible investors who can apply for the debentures are only those people who are specifically addressed through an official communication, and no other person can apply. The object os the issue is to augment the long term resources of the corporation. The proceeds for the current issue will be used for the financing or refinancing the housing finance business requirements.
On the NSE, HDFC opened at Rs 2,547, touching an intra day high of Rs 2,575, and an intra day low of Rs 2,530.50, in the session so far. It was last trading 1.48 per cent higher at Rs 2,568 on the NSE.
Shares of HDFC were last trading 1.55 per cent higher at Rs 2,568 on the BSE.
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