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Informist, Monday, Jun. 8, 2026

MUMBAI – The board of HDB Financial Services Ltd. has allotted two non-convertible debentures worth INR 5.05 billion on a private placement basis, the non-banking finance company said Monday. Both the debentures are proposed to be listed on the wholesale debt market segment of BSE Ltd.

Debentures worth INR 3 billion will mature on Jun 4, 2031, and debentures worth INR 2.05 billion will be maturing on May 4, 2029, with fixed coupons of 8.28% and 7.75%, respectively.

For the March quarter, HDB Financial Services had reported a net profit of INR 7.51 billion on revenue of INR 47.45 billion. At 1414 IST, shares of the company were at INR 626.75 on the National Stock Exchange, down 2.4% apiece. (Meera Nair)

THIS WEEK

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REC Ltd.

REC Ltd. Monday raised INR 30 billion through the issuance of bonds maturing on Feb. 28, 2029, dealers said. The power sector lender set the coupon on the bonds at 7.38%, payable annually. 

The issuance, which had a base size of INR 5 billion and a green shoe option of INR 25 billion, was fully subscribed. According to the bid book accessed by Informist, the state-run lender received 111 bids aggregating INR 106.90 billion in the range of 7.00-8.07%. The bonds are rated 'AAA' by Crisil Ratings and will be allotted Wednesday.

For the March quarter, the power sector financier had reported a net profit of INR 33.62 billion, down 21%. 

LAST WEEK

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PNB HOUSING FINANCE

PNB Housing Finance Ltd. plans to raise up to INR 5 billion through five-year bonds maturing on Jun. 9, 2031, dealers said. Bidding for both the bonds will take place on the National Stock Exchange's electronic bidding platform from 0900 IST to 1000 IST, Jun. 5.

The issue has a base size of INR 4 billion and a green shoe option of INR 1 billion. The bonds were issued at a coupon of 8.35%, payable annually. The bonds, rated 'AAA' by CARE Ratings, will be allotted Jun. 9.

Trust Investment Advisors Pvt. Ltd. is the sole arranger of the issuance. The issuance received anchor investments of INR 210 million from A.K. Capital Services Ltd., INR 300 million from Hindalco Industries Ltd., and INR 330 million from National Pension System Trust – SBI Pension Fund Pvt. Ltd. The issuance also received anchor investments of INR 75 million from Reliance General Insurance Co. Ltd., and INR 285 million from Trust Investment Advisors.

For the March quarter, PNB Housing Finance had reported net profit of INR 6.49 billion on revenue of INR 21.70 billion.

TRUST INVESTMENTS

Trust Investment Advisors Pvt. Ltd. plans to raise a total of INR 1 billion through the issuance of two bonds with different maturities, dealers said. Bidding for the bonds will take place on the National Stock Exchange's electronic platform Jun. 5.

The company plans to raise INR 500 million through bonds maturing on Jun. 18, 2035 and the remaining INR 500 million through bonds maturing on Jun. 18, 2036. The coupons on the bonds are yet to be decided and will be paid annually on both. Both bonds are rated 'AA' by Infomerics Valuation and Rating, and will be allotted Jun. 8.

KOTAK MAHINDRA PRIME

Kotak Mahindra Prime Ltd. plans to raise INR 4 billion through the reissuance of two bonds with different maturities, dealers said. Bidding for the bonds will take place on the National Stock Exchange's electronic bidding platform between 0900 IST and 1000 IST on Jun. 5. 

The company will raise INR 2 billion through the reissuance of bonds maturing on Apr. 24, 2029, and the remaining amount by reissuing bonds maturing on Apr. 10, 2028. Both the bonds are rated 'AAA' by Crisil Ratings and will be allotted Jun. 8. The issuance of bonds maturing in April 2029 has SBI Capital Markets Ltd. and HDFC Bank Ltd as arrangers and the issuance of bonds maturing in April 2028 has LKP Securities Ltd., IDBI Capital Markets & Securities Ltd., HDFC Bank Ltd., and YES Bank Ltd. as the arrangers.

HDB FINANCIAL SERVICES

HDB Financial Services Ltd. plans to raise up to INR 6 billion through two bonds, including a reissue, dealers said. Bidding for the bonds will take place on the BSE's electronic platform between 0900 IST and 1000 IST Jun. 5.

The non-banking finance company plans to raise up to INR 3 billion through the issuance of five-year bonds maturing on Jun. 4, 2031. The issue has a base size of INR 800 million and a green shoe option of INR 2.2 billion. The coupon on the bond is fixed at 8.2845%, payable annually.

The company also plans to raise up to INR 3 billion through the reissue of the bond maturing on May 4, 2029. The issue has a base size of INR 1 billion and a green shoe option of INR 2 billion. The coupon on the bond is payable annually.

Both bonds are rated 'AAA' by Care Ratings and will be allotted Jun 8. Phronesis Capital Ltd. is the sole arranger of both the issues.

For the March quarter, the NBFC posted a net profit of INR 7.51 billion on revenues of INR 47.45 billion.

REC LTD.

REC Ltd. plans to raise up to INR 30 billion through bonds maturing on Feb. 28, 2029, and has invited bids for the same Jun. 8, dealers said. Bidding for both the bonds will take place on the National Stock Exchange's electronic bidding platform from 1100 IST to 1200 IST. The issue has a base size of INR 5 billion and a green shoe option of INR 25 billion.

The bonds are rated 'AAA' by Crisil Ratings and will be allotted Jun. 10. The coupon on the bonds will be paid annually. The power sector financier reported a net profit of INR 33.62 billion for the March quarter, down 21%. REC's revenue from operations during the quarter declined 5% year-on-year to INR 143.86 billion.

ADITYA BIRLA HOUSING FINANCE

Aditya Birla Housing Finance Ltd. plans to raise up to INR 10 billion through the issuance of three-year and five-year bonds, dealers said. Bidding for bonds will take place on the National Stock Exchange's electronic bidding platform between 1100 IST and 1200 IST Jun. 4.

The bond maturing on Jun. 5, 2029, has a base size of INR 2 billion and a green-shoe option of INR 3 billion. The bond carries a fixed coupon of 8.22%. The issue has received an anchor investment of INR 600 million from ICICI Bank Ltd.

The bond maturing on Jun. 5, 2031, has a base size of INR 4.45 billion and a green shoe option of INR 550 million. The coupon on the five-year bond is fixed at 8.25%. The issue has received anchor investments of INR 450 million from HDFC Bank Ltd., INR 360 million from Bajaj Life Insurance Ltd., and of INR 300 million from SBI Capital Markets Ltd. Axis Bank Ltd. has made an anchor investment of INR 150 million, while Reliance General Insurance Co. Ltd. has made an anchor investment of INR 75 million.

The coupons on both the bonds are payable annually. Both bonds are rated 'AAA' by Crisil Ratings and will be allotted on Jun. 5.

BAJAJ HOUSING FINANCE

Bajaj Housing Finance Ltd. plans to raise up to INR 20 billion through the reissue of bonds maturing on May 18, 2029, dealers said. Bidding for the bonds will take place on the BSE's electronic platform between 1030 IST and 1130 IST Jun. 4.

The issue has a base size of INR 5 billion and a green shoe option of INR 15 billion. The coupon on the bond is payable annually. The bonds are rated 'AAA' by Crisil Ratings and will be allotted on Jun. 5.

For the March quarter, Bajaj Housing Finance reported net profit of INR 6.69 billion on revenue of INR 29.03 billion.

VADODARA MUNICIPAL CORP.

Vadodara Municipal Corp. is likely to enter the corporate bond market soon to raise funds through municipal bonds, with bidding for the proposed issue expected by the end of June or early July, an official from the civic body said.

The civic body is expected to raise up to INR 2 billion through bonds maturing in five to seven years, the official said. It is currently in talks and finalising terms and conditions with merchant bankers to manage the fundraising exercise and will finalise this soon, he said. "Proceedings from funds will be used for strengthening of water infrastructure projects," the official said.

Municipal bonds have gained traction after the government's push to encourage urban local bodies to tap capital markets for financing infrastructure as multiple municipal bodies are planning to enter the market in the current financial year. The government has proposed an incentive of INR 1 billion for single municipal bond issuances of over INR 10 billion, while smaller and medium funds of up to INR 2 billion will continue to be supported under the Atal Mission for Rejuvenation and Urban Transformation scheme, according to the Union Budget for 2026-27 (Apr-Mar).

MUTHOOT FINANCE

Muthoot Finance Ltd. raised INR 15 billion through the issuance of 10-year bonds maturing on Jun. 3, 2036, which was fully subscribed, dealers said. The non-banking financier set the coupon at 8.55%, payable annually, they said.

For the March quarter, Muthoot Finance reported a net profit of INR 30.86 billion and total income of INR 81.94 billion.

SIDBI

The Small Industries Development Bank of India on Jun. 2 raised INR 30 billion through three-year floating rate bonds. The financial institution set coupon at 174 basis points spread over the 91-day Treasury bill on three-year bonds, dealers said. The issuance, which had a base size of INR 10 billion and a green shoe option of INR 20 billion, was fully subscribed.

The coupon came in below market expectations. Market participants had expected the spread to be 180-190 bps. According to the bid book accessed by Informist, the state-run financial institution received 89 bids aggregating INR 85.75 billion in the spread range of 139-225 bps. The base amount of INR 10 billion was bid at 168 bps over the 91-day T-bill.

SIDBI is the first public sector undertaking to issue floating-rate bonds in the current financial year. The bonds maturing on Jun. 4, 2029, are rated 'AAA' by Crisil Ratings and will be allotted on Jun. 4.

CREDILA FINANCIAL SERVICES

Credila Financial Services Ltd. plans to raise up to INR 5.5 billion through the issuance of five-year bonds maturing on Jun. 4, 2031, dealers said. Bidding for the bonds will take place on the BSE's electronic platform Jun. 3 between 1130 IST and 1230 IST.

The issue has a base size of INR 2 billion and a greenshoe option of INR 3.5 billion. The coupon on the bond, which is yet to be decided, is payable annually. The bonds are rated 'AA+' by Crisil Ratings, and will be allotted Jun. 4.

KEERTANA FINSERV

Keertana Finserv Ltd. plans to raise up to INR 1.5 billion through the issuance of bonds maturing on Sept. 4, 2028, dealers said. Bidding for the bonds will take place on the BSE's electronic platform between 1100 IST and 1600 IST.

The issue has a base size of INR 500 million and a green shoe option of INR 1 billion. The coupon is fixed at 12%, payable monthly. The bonds are rated 'BBB+' by India Ratings and Research, and will be allotted Jun. 4.

MAGMA GENERAL INSURANCE

Magma General Insurance Ltd. plans to raise INR 1 billion through 10-year bonds maturing on Jun. 3, 2036 and has invited bids for the same Jun. 2, dealers said. Bidding for the bonds will take place on BSE's electronic bidding platform between 1130 IST and 1230 IST.

The bonds carry a fixed coupon of 9.50%, payable annually. The bonds are rated 'AA' by CARE Ratings with a rating watch negative and will be allotted Jun. 3. The issue carries a call option exercisable on Jun. 3, 2031, and on the same date every subsequent year until 2035.

MUTHOOT FINCORP

Muthoot FinCorp Ltd. plans to raise INR 1 billion through the reissue of bonds maturing on Dec. 30, 2033, dealers said. Bidding for the bonds will take place on BSE's electronic platform between 1130 IST and 1230 IST Jun. 2.

The coupon on the bond is payable monthly. The bonds are rated 'AA-' by Crisil Ratings, and will be allotted on Jun. 3.

INCRED FINANCIAL SERVICES

InCred Financial Services Ltd. plans to raise up to INR 1.5 billion by issuing bonds maturing on Dec. 5, 2028, and has invited bids for the same Jun. 2, dealers said. Bidding for the bonds will take place on BSE's electronic bidding platform from 1100 IST to 1400 IST.

The issue has a base size of INR 250 million and a greenshoe option of INR 1.25 billion. The bond carries a fixed coupon of 9.00%, payable quarterly. The bonds are rated 'AA-' by Crisil Ratings and will be allotted Jun. 3.

MUTHOOT FINANCE

Muthoot Finance Ltd. plans to raise INR 15 billion through the issuance of 10-year bonds maturing on Jun. 3, 2036, dealers said. Bidding for the bonds will take place on the National Stock Exchange's electronic platform Jun. 2.

The coupon on the bond is payable annually and will be decided at the time of bidding. The bonds are rated 'AA+' by Crisil Ratings and will be allotted Jun. 3.

For the March quarter, Muthoot Finance reported a net profit of INR 30.86 billion and total income of INR 81.94 billion.

LAST FORTNIGHT

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HYDERABAD METROPOLITAN DEVELOPMENT AUTHORITY

Hyderabad Metropolitan Development Authority raised INR 64.93 billion by issuing Separately Transferable Redeemable Principal Part structure (STRPP) bonds in which the principal and coupon payments are stripped and sold separately to investors. The bonds will mature on May 29, 2046 and carry a coupon of 8.50%, dealers said.

Hyderabad Metropolitan Development Authority had planned to raise up to INR 67.21 billion through the bonds, which had a base size of INR 30 billion and a green shoe option of INR 37.21 billion. The authority will make the first payment on Jun 14, 2030, and continue to make annual payments until maturity on May 29, 2046.

The coupon on the bonds is payable quarterly. The bonds, rated 'AA' by India Ratings and Research, will be allotted on Jun. 1. Trust Investment Advisors Pvt. Ltd. was the sole arranger for the issuance.

BAJAJ HOUSING FINANCE

The board of Bajaj Housing Finance Ltd. on May 27 allotted non-convertible debentures worth INR 20 billion on a private placement basis. The debentures are proposed to be listed on the wholesale debt market segment of BSE and will mature on May 27, 2031.

The debentures carry a fixed coupon of 8.25%, payable annually. For the March quarter, Bajaj Housing Finance reported a net profit of INR 6.69 billion on revenue of INR 29.03 billion.

EDEL FINANCE

Edel Finance Co. Ltd. plans to raise INR 1 billion through the issuance of zero-coupon bonds maturing on Jun. 25, 2029, and has invited bids for May 29, dealers said. Bidding for the bonds will take place on BSE's electronic bidding platform from 1000 IST to 1400 IST. The bonds, rated "A+" by ICRA, will be allotted on Jun. 1.

AXIS FINANCE

Axis Finance Ltd. on May 25 raised INR 2 billion through the reissue of bonds maturing on Apr. 17, 2029, dealers said May 26. The reissue had a base size of INR 1 billion and a greenshoe option of INR 3 billion. The bonds are rated 'AAA' by Crisil Ratings.

MUTHOOT FINANCE

Muthoot Finance Ltd. has raised INR 46.82 billion through the issuance of floating-rate bonds maturing on Jul. 26, 2029, dealers said. The issue had a base size of INR 31.35 billion and a greenshoe option of INR 18.65 billion. The coupon on the bond is payable annually. It is benchmarked to the 91-day treasury bill with a spread of 315 basis points.

The bonds are rated "AA+" by Crisil Ratings. The issue has received anchor investments of INR 3.6 billion from SBI Mutual Fund, INR 1.5 billion from Nippon India Mutual Fund, and INR 900 million each from ICICI Bank Ltd. and HDFC Mutual Fund. YES Bank and Kotak Mahindra Mutual Fund have made anchor investments of INR 600 million each, while Birla Sun Life Mutual Fund and DSP Mutual Fund have made anchor investments of INR 450 million each. Mahindra Manulife Mutual Fund has made an anchor investment of INR 180 million, Invesco Mutual Fund of INR 150 million, and 360 ONE Mutual Fund of INR 75 million.

For the March quarter, Muthoot Finance reported a net profit of INR 30.86 billion and total income of INR 81.94 billion.

MAC CHARLES HUB PROJECTS

Mac Charles Hub Projects Pvt. Ltd. plans to raise INR 900 million through the issuance of zero-coupon bonds maturing on Dec. 15, 2030, and has invited bids for them on May 29, dealers said.

Bidding for the bonds will take place on BSE's electronic bidding platform from 1100 IST to 1200 IST. The bonds, rated "BB+" by India Ratings and Research, will be allotted on Jun. 1.

EARLYSALARY SERVICES

EarlySalary Services Pvt. Ltd. plans to raise up to INR 1.25 billion through the issuance of bonds maturing on Aug. 9, 2028, dealers said. Bidding for the bonds will take place on the BSE's electronic bidding platform between 0900 IST and 1700 IST May 27.

The issue has a base size of 500 million and a greenshoe option of INR 750 million. The coupon on the bond has been fixed at 10.50%, payable monthly. The bonds, rated 'A-' by CARE Ratings, will be allotted on May 29.

IIFL FINANCE

IIFL Finance Ltd. plans to raise INR 1 billion through the issuance of perpetual bonds May 27, dealers said. Bidding for the bonds will take place on the National Stock Exchange's bidding platform between 1000 IST and 1200 IST on May 27.

The coupon on the bond is payable annually. The bonds are rated 'AA' by Brickwork Ratings and will be allotted on May 29. The issue has a call option which can be exercised on May 29, 2036.

For the quarter ended March, IIFL Finance reported a net profit of INR 5.87 billion on revenues of INR 36.93 billion.

NAVI FINSERV

Navi Finserv Ltd. plans to raise up to INR 1.5 billion through bonds maturing on Nov. 28, 2031, and has invited bids for for the same May 27, dealers said. Bidding for the bonds will take place on BSE's electronic bidding platform between 1100 IST and 1400 IST. The bonds, rated 'A' by Crisil Ratings, will be allotted on May 29.

The issue has a base size of INR 1 billion and a greenshoe option of INR 500 million. The coupon on the bond has been fixed at 11.50%, payable monthly.

360 ONE PRIME

360 ONE Prime Ltd. plans to raise up to INR 15 billion through the issuance of floating-rate bonds maturing on Jul. 25, 2028, and has invited bids on the same May 27, dealers said. Bidding for the bonds will take place on BSE's electronic bidding platform between 1100 IST and 1200 IST.

The issuances are floating rate bonds with an annual coupon payment. The coupon is benchmarked to the yield on the three-month Treasury bill with a spread of 390 basis points.

The issue has a base size of INR 11.5 billion and a greenshoe option of INR 3.5 billion. The bonds, rated 'AA' by ICRA Ratings, will be allotted on May 29.

The issue has received anchor investment of INR 1.13 billion from ICICI Prudential Corporate Bond Fund, INR 750 million from Kotak Bonds, and INR 600 million from Nippon India Mutual Fund. It also recieved anchor investment of INR 300 million from HDFC Hybrid Debt Fund, INR 300 million from Axis Liquid Fund, INR 220 million from DSP Short Term Fund, and INR 150 million from LIC Mutual Fund.

NHPC

State-run NHPC Ltd. on May 26 set a coupon of 7.67% on 15-year separately transferable redeemable principal part structure (STRPP) bonds and raised INR 20 billion, dealers said. The issuance, which had a base size of INR 5 billion and a greenshoe option of INR 15 billion, was fully subscribed.

The coupon came in below market expectations, with participants divided on the cut-off. While one market participant had expected the cut-off to be 7.75-7.80%, others had expected it to be at 7.89-7.95%. According to the bid book accessed by Informist, the company received 68 bids aggregating INR 87 billion in the coupon range of 7.50-8.45%.

Under STRPP bonds, the principal and coupon payments are stripped and sold separately to investors. NHPC will make the first payment at the end of the sixth year on May 29, 2032, and continue annually until maturity on May 29, 2041.

The bonds, rated 'AAA' by India Ratings, will be allotted on May 29.

CHOLAMANDALAM INVESTMENT AND FINANCE

Cholamandalam Investment and Finance Co. Ltd. has raised INR 50 billion through the issuance of floating-rate bonds maturing on Feb. 27, 2029, dealers said. The issuances are floating rate bonds with an annual coupon payment. The coupon is benchmarked to the yield on the three-month Treasury bill with a spread of 275 basis points. The bonds are rated "AA+" by ICRA Ratings and will be allotted on May 27.

The issue has received anchor investments of INR 8.2 billion from ICICI Prudential Mutual Fund, INR 3 billion from SBI Mutual Fund, and INR 1.05 billion from Axis Mutual Fund. HDFC Mutual Fund and Nippon India Mutual Fund have made anchor investments of INR 750 million each while Axis Bank Ltd. has made an anchor investment of INR 500 million. Birla Sun Life Mutual Fund has made an anchor investment of INR 450 million, while Mahindra Manulife Mutual Fund and Invesco Mutual Fund have made anchor investments of INR 150 million each.

For the March quarter, Cholamandalam Investment reported a net profit of INR 16.41 billion on revenues of INR 83.92 billion.

KOTAK MAHINDRA PRIME

Kotak Mahindra Prime Ltd. plans to raise up to INR 7 billion through bonds maturing on Jun. 20, 2031, dealers said. Bidding for the bonds will take place on the National Stock Exchnage's electronic bidding platform between 1000 IST and 1100 IST May 26.

The issue has a base size of 5.5 billion and a greenshoe option of INR 1.5 billion. The coupon on the bond has been fixed at 8.28%, payable annually. The bonds, rated 'AAA' by Crisil Ratings, will be allotted on May 27. Axis Bank is the sole arranger of the issuance and has received anchor investment of INR 1.05 billion.

End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Avishek Dutta

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