HDFC raises Rs 8,235 crore via sale of two-year bonds

1 Jun 2023 , 10:34 AM

HDFC Limited has raised Rs 8,235 crore via the issuance of two-year bonds at a coupon rate of 7.80% in a sale on Wednesday, stated the sources.

HDFC has planned a bond sale having a base size of Rs 5,000 crore with an additional subscription option of Rs 5,000 crore.

As per an exchange filing by HDFC ahead of the sale, ICICI Bank was the arranger for the issue.

The said debt issue is part of the fundraising plan worth Rs 57,000 crore approved by HDFC’s board of directors in their meeting held on March 27, 2023.

Last year, HDFC Bank agreed to take over the domestic mortgage lending giant in a deal with a valuation of about $ 40 million.

Meanwhile, LIC Housing Finance raised Rs 1,500 crore on Wednesday through the sale of five-year bonds. According to sources, the bonds’ coupon rate was set at 7.68%.

At around 10.32 AM, HDFC was trading 0.34% higher at Rs 1,616.25 apiece, against the previous close of Rs 1,610.85 on NSE. The counter touched an intraday high of Rs 1,619.90 and a low of Rs 1,611.05.

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