HDFC to raise Rs 1,498 crore to shore up long term capital

New Delhi: Mortgage lender HDFC Ltd today said it will raise Rs 1,498 crore by issuing debentures on Friday with a view to augment its long-term capital.The bonds, in nature of secured redeemable non-convertible debentures, will bear the coupon rate of 7.78 percent 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 tenor of the bonds is three years.HDFC said only those persons who are specifically addressed through communication are eligible for the debentures and no other person can apply.Subscribers would be required to buy bonds in the unit of Rs 1 crore and its multiple.

In a separate filing, Bajaj Finance said it has raised Rs 235 crore by issuing non-convertible debentures on a private placement basis.It allotted 235 secured redeemable NCDs of face value of Rs 10 lakh each to raise the sum.Stock of HDFC closed 1.07 per cent down at Rs 1,442.40, while Bajaj Finance 1.37 per cent ended lower at Rs 1,158.80 on BSE.