Informist, Friday, May 26, 2023
By Asmita Patil and Subhana Shaikh
MUMBAI – Housing Development Finance Corp Ltd is planning to tap the primary market to raise up to 100 bln rupees through bonds maturing in two years, sources aware of the development told Informist.
HDFC may seek bids for the bonds next week.
"We are still working out the details, and it will be put out on the electronic bidding platform on Monday. As we speak the value date stands on Jun 2, so maturity date will be Jun 2, 2025," a source involved in the transaction said.
The bond, rated 'AAA' by CRISIL Ratings, is likely to have a base size and a greenshoe option of 50 bln rupees each.
Of the total issue size, 50 bln rupees were underwritten by ICICI Bank, the source quoted earlier said. ICICI Bank is said to be the sole arranger for the issue.
HDFC has been issuing bonds to meet funding needs ahead of its merger with HDFC Bank Ltd. So far this financial year, HDFC has raised 246.4 bln rupees through four bonds.
In the year ended Mar 31, the housing finance company raised a total of 784.14 bln rupees through 11 bonds, according to data sourced from the National Securities Depository and compiled by Informist. Of this, 643.02 bln rupees were raised through seven bonds maturing in 10 years.
Today, shares of HDFC closed 0.12% higher at 2,650.60 rupees, while those of HDFC Bank closed 0.39% higher at 1,615.80 rupees, on the National Stock Exchange. End
With inputs from Parth Singh
Edited by Tanima Banerjee
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